Posted By: davidm
Loan Extension Signature Requirement - 04/01/20 02:59 PM
If a consumer loan (non-real estate) has two borrowers, do both borrowers have to sign an extension agreement in order to extend the loan? Can the loan be extended without either borrower's signature?
Posted By: Always In Training
Re: Loan Extension Signature Requirement - 04/01/20 07:16 PM
We require both. I would think any jointly and severably liable would be void if only one signs the extension.
Posted By: davidm
Re: Loan Extension Signature Requirement - 04/01/20 08:52 PM
Thank you for responding....in this challenging environment our lenders are wanting to relax some processes.