What does it mean when my mortgage loan has been accelerated?
By Pamela Stewart, Attorney at Law on Oct 11, 2007 in General Bankruptcy Information
If you get behind on your mortgage payments, the acceleration clause contained in the Note to your mortgage speeds up the remaining payments due on the note and makes them due immediately. Without this clause, the lender can only foreclose on the payments that have come due and have not been paid. A chapter 13 bankruptcy deaccelerates the loan and allows a person to pay back the past due mortgage payments over a period of time up to 5 years.
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