Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance Mortgage Extension
Thread Options
#2118170 - 02/14/17 05:32 PM Mortgage Extension
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
A Collateral Real Estate Mortgage (CREM) has to be extended every five years. What happens if it is not extended? Mortgages don't expire. Are they still good? Can you do an extension after the 60 day window to file? I know I will probably be told to contact a lawyer, but I thought I would try here first.

Return to Top
Lending Compliance
#2118179 - 02/14/17 05:50 PM Re: Mortgage Extension Tessie
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
"Mortgages don't expire."

You will have to check your state law to see if that statement is true.

In IN if you file a mortgage without a maturity date it is only good for 10 years from the date of filing. If there is a maturity date then it is good for 10 years from the maturity date. Indiana Code 32-28-4-1
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z