You have access to all of the information that we gather in our due diligence, including the appraisal, the preliminary title report, the borrower’s loan application and credit report, and any other documentation. Can loans be cross-collateralized?
There are two types of “cross-collateralization”. In the first case, we may require additional collateral from the borrower even though the proposed loan meets out LTV criteria. In the second case, the borrower wants a loan amount that exceeds the equity in any one property. At PEAC, we do far more of the first case than the second. What is your policy regarding defaults and foreclosures? We handle the entire default and foreclosure process, and we employ the services of a reputable foreclosure specialist when necessary. We file the Notice of Default (NOD), Notice of Trustee’s Sale (NTS) and other documents. If no one buys at the property at auction, we can assist you with the disposition.
Related Questions
- You have access to all of the information that we gather in our due diligence, including the appraisal, the preliminary title report, the borrower’s loan application and credit report, and any other documentation. Can loans be cross-collateralized?
- Who orders the appraisal, title, environmental report?
- What is a Preliminary Title Commitment/Report?
