Mortgage - Loss Payee

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melking
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Re: Mortgage - Loss Payee

Postby melking » Fri Apr 27, 2018 6:35 am

BANKS ARE EVIL! Now, having got that out of the way, I have always been under the impression that a bank cannot change any of the terms of a mortgage after the fact without consent of the mortgagor. I would read it carefully because I don't think they can make you add them after. By the way, BANKS ARE EVIL.
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TexasBred
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Re: Mortgage - Loss Payee

Postby TexasBred » Fri Apr 27, 2018 8:26 am

melking wrote:BANKS ARE EVIL! Now, having got that out of the way, I have always been under the impression that a bank cannot change any of the terms of a mortgage after the fact without consent of the mortgagor. I would read it carefully because I don't think they can make you add them after. By the way, BANKS ARE EVIL.

Depends on what you're referring to Mel.....some things the borrower might do can trigger actions from the lender to protect the bank's interest. Some things the borrower does not do can trigger action. Banks to not make loans just so they can repossess or foreclose.
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J&D Cattle
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Re: Mortgage - Loss Payee

Postby J&D Cattle » Fri Apr 27, 2018 9:10 am

melking wrote:BANKS ARE EVIL! Now, having got that out of the way, I have always been under the impression that a bank cannot change any of the terms of a mortgage after the fact without consent of the mortgagor. I would read it carefully because I don't think they can make you add them after. By the way, BANKS ARE EVIL.


The loan could be modified and a Change of Terms Agreement signed in order to release the old tractor and then add the new one. We do collateral swaps all the time but yes, both the bank and the borrowers would sign a new agreement. TB is right too; the actions of a borrower can trigger certain responses from a bank.
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