After getting into a fender-bender, Parker had to purchase a new car. To make the down payment on the car, he had to skip a couple of his mortgage payments. He received a letter in the mail from his lender indicating the remaining amount of his loan is due immediately and in full. What clause in his mortgage stipulates this?

Question

03-02-2020
Business

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After getting into a fender-bender, Parker had to purchase a new car. To make the down payment on the car, he had to skip a couple of his mortgage payments. He received a letter in the mail from his lender indicating the remaining amount of his loan is due immediately and in full. What clause in his mortgage stipulates this?

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osondumartins osondumartins · Answer 1 · 2020-02-04T19:03:11+01:00

Answer: Acceleration

Explanation: Acceleration clause is a contract provision, between a lender and a borrower,in this case the lender requests that the borrower pay his remaining loan which is due and mature for payment,when the borrower fails to meet some or all of the loan conditions. Acceleration clause is mainly applied in Real Estate and it helps both parties to avoid any legal consequences that may emanate from any breach especially by the Borrower. The mail received by Parker informing him to make immediate payment for his loan is an example of an application of ACCELERATION CLAUSE.