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A call provision is a clause written into loan contracts whereby lenders are given the right to recall the debt due to the occurrence of certain events.
One of such clauses is the acceleration clause which a lender can trigger to demand full repayment of a home loan should the property be sold.
Other such clauses include those concerning:
- Property value falling below the loan amount
- Dragnet clauses
Borrowers should note that many homeowners who feel that call provisions were unreasonably used have taken lenders to court.
And it seems that judges favor borrowers in such cases.