What does it mean when my mortgage loan has been accelerated?

11 Oct What does it mean when my mortgage loan has been accelerated?

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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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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