Why didn't I save this somewhere!
Any fellow Iowans remember some case law where debtors moved during the term of loan and claimed homestead on second property? It was something along the lines of having pledged two properties on a commercial loan. Bank got homestead waiver on their personal residence and not on the second property. They moved onto this second, more valuable property and claimed protection from foreclosure.
I'm in a discussion with commercial ops about getting the homestead waiver signed on all possibly residential property. The opposing argument is that the borrower can only claim one homestead at a time. True, but.... I though there was some case backing up the idea of getting waivers on all possibilities.
Of course...same department just got a waiver from a corp building a piece of CRE, so there's a part of me that doesn't understand how I am even having this discussion!