A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when the property is sold, resulting in automatic maturity of the note as the lender's option. This clause effectively eliminates the possibility of the new buyer's assuming the mortgage unless the mortgagee permits the assumption, in which case the mortgagee might increase the interest rate or charge as assumption fee.
A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.
A clause in a mortgage loan which gives the lender the right to demand payment in full when the property changes ownership. Not applicable to FHA or VA loans.
A mortgage clause that calls for the payoff of a loan in the event of a sale or conveyance of the collateral prior to maturity of the loan.
A clause in a deed of trust or mortgage, that grants to lender the right to demand immediate payment from the mortgage holder of the balance owed on the mortgage provided the property is sold.
A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.
Forces payment of mortgage balance at time holder sells the home.
A provision in the mortgage that states that the entire balance of the note is immediately due and payable if the mortgagor transfers (sells) the property.
A provision within a mortgage allowing the lender to demand immediate payment of the full remaining balance or the mortgage should the borrower on said mortgage sell the property.
