Loan Renewal after Maturity Date

Posted By: illiniyak

Loan Renewal after Maturity Date - 07/16/11 02:15 PM

Is this prohibited in the state of Illinois?

Scenario: We had a loan that went to maturity and we were notified that the taxes were delinquent (non-escrow). We told the customer that we would renew the loan once they showed us proof of paid taxes. We have about a 15 day gap between maturity and renewal.

Would this violate any known contract laws?