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Can my Mortgage Company demand payment in full on my loan balance?
When they get in trouble..
4 Answers
- ca_surveyorLv 710 years agoFavorite Answer
THe mortgage company can not Accelerate the Loan (that's what it is called) because of THEIR problems. But if you miss a few payments, or do something that impacts the title or value of the property without telling them and getting their ok, then virtually ALL mortgages allow them to do this.
That means that full payment is demanded and, unless they rescind it, you generally have about 30 days to come up with the amount...
- chatsplasLv 710 years ago
YES, it's called Acceleration of Loan
It's when YOU (not them) get in trouble
It's when you default on mortgage terms (by assigning an interest to some one else, by getting liens, by not making payments, by not paying real estate taxes)
Source(s): real estate investor - SlickterpLv 710 years ago
Read your loan docs. They can do it under certain conditions that cause YOU to default. THEY cannot magically decide to do it for no reason.
