Future Advances

Posted By: lucyc

Future Advances - 12/05/08 03:08 PM

Is there any federal regulation or state law that would prevent a lender from extending more funds (future advance) in excess of double the amount of the original loan?
Posted By: lucyc

Re: Future Advances - 12/05/08 04:55 PM

Bump
Posted By: waldensouth

Re: Future Advances - 12/05/08 06:41 PM

I believe that will be fine so long as you have a future advance clause in the mortgage. However, you may need to check with counsel on this one. I don't know of any law.