On the afternoon of Wednesday, April 29, 2015, a Mortgage Application on behalf of People’s Bank and Trust of the State of Oklahoma. This signing was completed off of Woodruff Road, Greenville, SC 29607, for a local business owner and their … Continue reading
Notary Public Definition of the Day – 123notary.com Glossary – Acceleration Clause CLICK HERE for definition and information.
A GreenvilleNotary.com Certified Notary Public Signing Agent was called and completed a Reverse Mortgage Application on Friday, April 4, 2014 in Anderson, SC on behalf of Notary Direct. Thank you so much for this assignment and we look forward to … Continue reading
Phonetics: ac·cel·er·a·tion clause \ik-ˌse-lə-rā-shən \ ‘klȯz\
Acceleration clauses help to define the terms of the loan. Many terms can be included in an acceleration clause such as the prohibiting of the buyer from reselling the property without the written permission of the lender. Another common term is the prohibiting of the sale of the collateral used to secure the loan. An acceleration clause can penalize a borrower for late payments or failure to pay at all. Most loans with acceleration clauses have very reasonable terms, but there is always the chance that some of the terms may be very unfavorable to the borrower.
This clause allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire outstanding balance of the loan should you default on your loan.
A clause that is a statement or series of statements that describes a number of reasons which would allow the lender to demand the outstanding balance of the loan.
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