Understanding an Acceleration Clause & Deed of Trust in Your Mortgage Agreement
A borrower must not leave anything unread in their mortgage agreement or loan contract before signing. Oftentimes, typographical errors can lead to legal procedures which would incur further unnecessary costs that could have been avoided if legal documents were well reviewed and filled in, such as:
- Spelling of trustors' names
- Principal balance of the mortgage loan
- Interest rate (and the rider, if modifiable)
- Payment amount
- Prepayment penalties, if any
- Address of the property
In real property purchases, mortgage agreements normally contain Acceleration Clause, Deed of Trust and a Promissory Note.
Feldman Law Center – How Common is Bankruptcy? | ArticlesBase.com
Bankruptcy can be a dirty word, and an even dirtier experience. If you are facing a dangerous financial situation where bankruptcy seems like an option, you could be dealing with quite a bit of fear. Part of what leads people to make bad decisions is thinking they are the first and only people to go through difficult financial situations. However, when it comes to bankruptcy, many people have faced these unfortunate circumstances. Loan modification attorneys work with people everyday who are considering bankruptcy as an option, thinking that bankruptcy will help them keep their homes.
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