I agree with Andy. Also, consider the possibility of civil action from your borrower. I remember a case a couple of years ago where a bank in the Northeast reneged on a loan commitment because of a rumor supposedly spread by a loose lipped FBI agent. The plaintiff as I recall received a huge settlement. While the circumstances are not the same - the principle of the matter is. Don't take unilateral action unless you are ordered to do so or if you are exercising your rights because of default.
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Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC