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#1987566 - 01/09/15 03:23 PM Joint Intent required on Charged Off Loan?
AnnR Offline
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Joined: Jun 2011
Posts: 7
Winfield, KS
On a charged off loan that borrowers have continued to make reduced payments. Current agreement expires soon and loan officer plans to send change in terms that they will hopefully sign and continue paying. Is joint intent statement required? Is this considered an application or extension of credit? There is a definition of Extension of Credit in Reg B which seems to exclude "special effort to collect at or after maturity".

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Fair Lending
#1987586 - 01/09/15 03:52 PM Re: Joint Intent required on Charged Off Loan? AnnR
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
They are not apply for a loan - the credit has already been extended - the bank is dictating what terms are acceptable in the workout.
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#1987649 - 01/09/15 05:55 PM Re: Joint Intent required on Charged Off Loan? AnnR
AnnR Offline
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Joined: Jun 2011
Posts: 7
Winfield, KS
Thank you. That was our first thought, but you know how we all tend to second-guess.

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