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#1164020 - 04/15/09 06:22 PM Loan terms
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Let me try this again. 2 loans made on April 23, 2009. #1 is 20 year am and 1 year term - 1st payment June 1, 2009, baloons June 1, 2010. #2 is 1 year term - matures April 23, 2010. Is it a problem to "force" #1 to mature on April 23, 2010 to make them mature the same day? If the Deed in Trust and Note state those dates? What happens to the TIL? Won't the payment schedule be off a little?

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Lending Compliance
#1164040 - 04/15/09 06:35 PM Re: Loan terms QueenBB
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If loan # 1 is to mature the same as #2 then you have to adjust your TIL to reflect the correct payment stream and legal obligation. If the loans are already closed you would need to do a modification to the transaction. You can't "force" anything outside the terms of the contract.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1164085 - 04/15/09 07:17 PM Re: Loan terms Dan Persfull
Mint Julep Offline
Diamond Poster
Mint Julep
Joined: Oct 2007
Posts: 1,152
Tennessee
Let's forget loan #2 for a moment.

Loan #1 closed on 4/23/09. It is for 12 months. In my world, that makes the maturity 4/23/10. You have set the maturity 12 months from the 1st payment date, not the note date.

Follow what your contract says.

Considering that April 23 has not arrived yet, can't you fix this? Has the loan closed?
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