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Notice Of Intent To Accelerate for the United States

Notice Of Intent To Accelerate Template for United States

A Notice of Intent to Accelerate is a formal legal document used in the United States to inform a borrower that due to default, the lender intends to accelerate the loan, making the entire balance immediately due. This document must comply with federal regulations including TILA and FDCPA, as well as state-specific notice requirements. It serves as a crucial step in the pre-foreclosure or collection process, providing the borrower with required notice and opportunity to cure the default.

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What is a Notice Of Intent To Accelerate?

The Notice of Intent to Accelerate is a critical document in the loan enforcement process, required by both federal and state laws in the United States. It is typically issued when a borrower has defaulted on loan payments and the lender wishes to demand full repayment of the remaining balance. The notice must include specific information about the default, amount due, cure period, and consequences of non-payment. It serves as both a legal requirement and a final opportunity for the borrower to remedy the default before more serious collection or foreclosure actions begin. The document must carefully adhere to various regulatory requirements, including the Truth in Lending Act and state-specific consumer protection laws.

What sections should be included in a Notice Of Intent To Accelerate?

1. Recipient Information: Full legal name and address of the borrower

2. Loan Information: Loan number, date, and original amount

3. Default Statement: Clear description of the default and how it occurred

4. Amount Due: Detailed breakdown of all amounts in default

5. Cure Period: Time period allowed to cure the default and specific deadline date

6. Acceleration Statement: Clear statement of intent to accelerate if default not cured within the specified period

What sections are optional to include in a Notice Of Intent To Accelerate?

1. Payment History: Detailed history of payments and defaults, used when there's a disputed payment history

2. Loss Mitigation Options: Information about available options to avoid acceleration, included when required by state law

3. Legal Rights Statement: Additional information about borrower's legal rights, included when required by state law

What schedules should be included in a Notice Of Intent To Accelerate?

1. Payment History Statement: Detailed statement showing payment history and current amounts due

2. Original Loan Agreement Extract: Copy of relevant sections of original loan agreement regarding acceleration

3. State-Required Disclosures: Any additional forms or disclosures required by state law

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

United States

Publisher

Genie AI

Document Type

Notice of Intent

Cost

Free to use

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