Posted By: It's not easy
Personal Property Repossessions - 11/06/19 03:16 PM
I'm looking at our commercial process or lack thereof and have a couple of questions that I'm just not finding much discussion on. It's pretty clear that DMDC checks need to be done, but when it comes to foreclosure on commercial property (outside of the primary residence) is there any restrictions to foreclose? What about repossessions on farm equipment or vehicles used for the farm?
Also, how often do you perform checks on an account in default? Checks are performed on our Consumer loans every 30 days when in default, which the OCC liked but seems to be a bi much for our commercial area.
Also, how often do you perform checks on an account in default? Checks are performed on our Consumer loans every 30 days when in default, which the OCC liked but seems to be a bi much for our commercial area.