Noteholders can be liberated to accurately inform consumers of the standard, the strategies required for a cure and also the practical consequences when the this new borrower does not work, in the place of running the risk of becoming considered to own taken the latest drastic action away from accelerating the loan
Its undisputed the default page try taken to Vargas-the sole question for you is when it effectuated a definite and you will unequivocal speed of one’s financial obligation, a matter of legislation. » They further told you to, is always to the guy are not able to clean out his standard, the newest noteholder «often accelerate [his] financial to your complete count kept expidited and you may become due and you may payable entirely, and you can foreclosure legal proceeding would-be started at the time.» The fresh new page cautioned: «[f]ailure to take care of your own default can result in the brand new property foreclosure and you can sales of your home.»