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Professors' Corner - Accelerating and De-accelerating the Mortgage Note

James C Smith, David Zive, Daniel Glenn Durell, and Shelby D Green

The acceleration of the mortgage note after default is an essential step toward the mortgagee's remedy of foreclosure and it starts the running of the statute of limitations. There is disagreement among the states on whether a subsequent deacceleration, either unilateral or by agreement, operates to reset the statute of limitations, instead of acceleration being an irreversible trigger. The latter scenario makes a workout between mortgagor and mortgagee a risky proposition and may force mortgagees to pursue the more burdensome foreclosure remedy.

The content of this program does not meet requirements for continuing legal education (CLE) accreditation. You will not receive CLE credit for this program.