Can an individual have a demand feature on a loan?
Do you think we're entering into a dangerous period for lenders with the economy starting to show some bad signs? Anything we should be doing? Should we be less tolerant of late payments at this point?
We are looking at having a loan program, where you can have a "Skip a Payment" through out the term of the loan designated by the customer. not a deferral but the customer can pick out 1 month in a 12 month period where they can skip a payment. so for example on a 60 month loan theymake 55 payments. They can pick a Christmas month or a back to school month, what ever they desire but only make 11 payments per year.
My question concerns the filing of a UCC1. We have had a UCC search performed by an attorney in a farmer's county of residence, which doesn't show anything outstanding other than our lien, but the farmer listed another lender as lienholder on some of his equipment on his financial statement. I think the other lender may have filed in the wrong county. UCC law states that a filing made in good faith in an improper place is effective against any person who has knowledge of the contents of such financing statement. Do you know of any court cases that address this issue?
Is a loan for personal debt consolidation which is secured by rental property covered by RESPA?