Posted By: Need2know
Revolving (unsecured) Personal Lines of Credit; - 02/06/18 11:03 PM
We have recently noted that the loan documents for a Personal Revolving and unsecured Line of Credit were generated and executed by our customer, reference the wrong loan number. Please confirm if a cure letter an appropriate way to correct the error or should the correction be made via a refinance?
Posted By: RR Joker
Re: Revolving (unsecured) Personal Lines of Credit; - 02/07/18 03:22 PM
A loan number is pretty much an internal issue. I believe I would just notify them via correction letter, and move on.
This is in the wrong forum, so I will also request it to be moved elsewhere.
Posted By: Need2know
Re: Revolving (unsecured) Personal Lines of Credit; - 02/07/18 10:52 PM
Is the response going to be different for a consumer transaction secured by a dwelling or does loan # remain an internal issue? I ask because in a real estate secured transaction, the loan # is referenced on the "recorded" lien instrument.
Just want to confirm how your response changes in that scenario?
Posted By: rlcarey
Re: Revolving (unsecured) Personal Lines of Credit; - 02/07/18 11:10 PM
the loan # is referenced on the "recorded" lien instrument
That would be a State law issue.