Have You Received a Notice of Intent to Accelerate from Your Bank?

Posted on Feb 17, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, Mark Peek here at Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale specialists. Today’s topic is sometimes my borrowers often get this in the mail from their servicer on their mortgage. If they’re behind in any way, maybe it’s a month or two and they haven’t had a notice of default filed on them yet, sometimes they’ll get a letter in the mail saying a notice of intent to accelerate. What is this? Well, the letter states that they have a right to accelerate the note and foreclose on the property.

Well, the letter is a little misleading because it almost indicates that they can potentially accelerate, call the note due and foreclose on the property immediately. That’s not the case. They still have to go through California’s foreclosure laws in the process. They still have to file a notice of default; they still have to wait the length of time required before they can file a notice of trustee sale before they can take your property to auction at the court house steps, before it’s foreclosed.

So, if you’ve received one of these letters, you are probably in default and you need to talk to me. Hit the start here button at the top of the page, enter in your information and I’d be happy to contact you. If you received a notice of intent to accelerate, you are on the path to foreclosure and let me help you avoid it. I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale specialists, and I’m here to help. Thank you very much.

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