What can I do about accelerated loan.

[capeowner09]

What is the name of your state (only U.S. law)? Cape Coral,Florida.

I took out a mortgage loan against my house in October 08.
I am 2 months behind on my mortgage and received a 2 letters yesterday.
One stated I need to bring my mortgage current in order to avoid foreclosure. -$1443.90
The other letter which is dated the day after states that they have accelerated my loan and I have to pay $54,944.40 together with interest thereon from feb09 at the rate of 18% and a 3% prepayment penalty together with attorney fees of $150.00 on or before June 4 @5pm.
I don't have over $70,000. to pay this off by Thursday.
What do I do?

[HUD-1]

You have not disclosed the root of the problem. Loss of job? Uninsured illness? In any event, you should contact the lender and try to workout payments. Try their Loss Mitigation department or if they have referred to an attorney, you will have to go through the attorney. Here is a HUD approved counselor right in Cape Coral:

CCCS OF CENTRAL FL AND THE FL GULF COAST, INC. - CAPE CORAL BRANCH P: 800-741-7040
T: 800-741-7040
F: 407-895-3807
E: [email]cccscounselor@cccsfl.org[/email]
W: [url=http://www.cccsfl.org]Consumer Credit Counseling Service[/url] 2127 Del Prado Blvd.
(IronStone Bank)
Cape Coral, Florida 33990