what is notice of intent to accelerate can they foreclose if i am on a workout plan?

UPDATED: May 26, 2009

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what is notice of intent to accelerate can they foreclose if i am on a workout plan?

i have been in contact with my lender since my husband lost his job they have been telling me they have me on a workout now i recieve a notice of intent to accelerate can i save my house? my husband in again employed but took a huge pay cut.

Asked on May 26, 2009 under Real Estate Law, Arizona


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Notice of intent to accelerate is to accelarate the due date on your loan -- basically your loan is due now.  So, it seems perhaps the mortgage company is not playing fair if you are in the process of applying for a workout.  Best bet: contact the Arizona Dept of Financial Institutions and file a consumer complaint.  Also try your State Attorney General's office.  Perhaps think about contacting your state reps. Here are the links:



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