I purchased a home last March and I'm trying to find out if there is an acceleration clause in the ppwk I signed and where exactly it is. Is there a specific place it would be or might it be called something else?
Depending on what you are looking for, it could be in a couple places. There are many, many versions of deeds of trust, but that's where it would be. It could also be in the note.
The above statements are provided as general information and not intended as legal advice. Each matter has its own set of unique circumstances that cannot be adequately addressed without consultation. You are strongly advised to hire an attorney licensed to practice law in your state to represent you.
Might also be called a "Due on Sale" clause and it can be anywhere in the loan documents. If you can't find it hire an attorney. It shouldn't cost you that much to have your paperwork reviewed and be well worth it. If the full amount comes due and payable immediately then it is well worth the little amount you would pay an attorney.
The information provided herein is not, nor is it intended to be, legal advice. It is for informational purposes only. No attorney-client relationship has been created and we have no obligations to you or your case.
The provision can be in promissory note, deed of trust or both and there can be more than one.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline