What is a notice of acceleration?

A notice of acceleration is the lender's written demand that a borrower pay the full remaining balance of a mortgage loan immediately, rather than in monthly installments. The lender issues this notice after the borrower has defaulted, typically by missing one or more payments. Under Ohio mortgage law and the terms of the promissory note, the lender has the contractual right to accelerate the loan when default occurs.

The notice must include specific information required by the mortgage contract and Ohio Revised Code, such as the total amount due, the date by which payment must be made, and a description of the default that triggered acceleration. In the Cleveland Metro area, foreclosure attorneys commonly encounter these notices as they precede formal foreclosure filings in the majority of cases. The notice gives the borrower a final opportunity to cure the default, though the timeline is typically short (often 10 to 30 days).

Once acceleration is declared, the lender moves toward filing a foreclosure action in the Cuyahoga County Court of Common Pleas or the appropriate county court. The notice of acceleration becomes a key document in foreclosure litigation and establishes the lender's right to pursue judicial foreclosure. Borrowers who receive an acceleration notice should consult an attorney promptly, as options such as loan modification or loss mitigation may still be available during this period.