what does it mean if my mortgage company accelerates the loan?

Our mortgage company gave us until January 10 to pay a certain amount of money. They said if its not paid by that date they will accelerate the loan. What exactly does that mean?

7 thoughts on “what does it mean if my mortgage company accelerates the loan?

  1. By accelerating the mortgage, the lender is calling all debts (Principal, interest, late payments, late fees…) due immediately. I would ask if you could get into a forbearance agreement with them, but if you’re having a tough time paying right now, the increased payment of this agreement is going to be a kick in the butt.

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  2. This means that if you don’t pay the amount past due, it will call the entire note due. You’ll need to either sell the home or refinance with another company (which may be difficult if you’re already late on this mortgage)

    Good luck.

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