Mortgage servicers and other financial institutions have been battling the issue of what affirmative act “clearly and unequivocally” accelerates a mortgage debt for years. Currently, there is a split in authority between the First and Second Departments of the New York Supreme Court Appellate Division regarding whether a notice of default using the words “will be accelerated” clearly and unequivocally accelerates a mortgage debt upon the expiration of the cure period.
