[The Professor]

Carol:

You must look to your state's law to determine whether the lender acceleration clause is effective. Here in California for example it is not. That is because the State has limited a lender's ability to accelerate the note in this fashion, instead providing a time period up to 5 business days before the date of the foreclosure sale where a borrower can cure the default by bringing the loan current by paying all delinquent payments, taxes, and foreclosure costs.


Daniel