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An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
The notice of acceleration is called a Demand and/or Breach Letter. In the letter it informs the Borrower(s) that they have 10 or 30 days from the date on the letter to reinstate their loan. Demand/Breach letters are sent out by Certified and Regular mail to all notable addresses of the Borrower(s).
In 'Bank of New York Mellon v. Dieudonne', the Appellate Division, Second Department determined that a mortgage is accelerated by the filing of a complaint to foreclose the mortgage with an ...
[1] [2] Acceleration clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments. In a mortgage contract, activation of an acceleration clause may operate as a precursor to a foreclosure action through which a lender may legally compel the sale of the property that the borrower acquired by using the ...
This article argues that because the acceleration provision of the Fannie Mae Form mortgage note does not conform with NY-UCC §1-309 (formerly NY-UCC §1-208), said mortgage note is not a time ...
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In Mechanic's lien law a Notice of Intent to Lien (also known as a Notice of Intent, a Notice of Intent to File a Mechanics Lien, an intent notice, an NOI, or a notice of non-payment) is a type of preliminary notice that warns the property owner, prime contractor, and/or other party on a construction that a mechanics lien or bond claim will be filed unless overdue payments are made within a ...
Scott E. Mollen, a partner at Herrick, Feinstein, discusses “Milone v. US Bank Nat’l Ass’n,” where the court held notice did not establish the bank's standing to de-accelerate the prior ...