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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Archaic lending practice when applied to residence. Posted by Ward-CA- on October 17, 2001 at 10:05 PM In Reply to: Re: Ward : UCC-1 Filing question? my BVD's posted by chalazion on October 17, 2001 at 9:21 PM : A point of clarification, in laymen terms would be the bank not only wants to secure it position with my co-op unit, but also include everything in it (not that I would default, but if I did, that would mean not only would I be homeless, but they would own everything down to my BVD's!!?) : You mentioned you won’t give any lender such additional security over personal property. So is signing the UCC-1 optional nationwide? : I don't want to give away more than I have to that's required by law. : thanks again (your help is appreciated) =•=•=•=•=•=•=•=•=•=•=•= Chalazion, I have five equity lines of credit outstanding, secured against five of my properties by Wells Fargo and I don’t have any financing statements involved. So yes, it’s up to the lender’s routine as to whether they’re going to require such additional security. I had thought a UCC-1 filing in such a setting as yours was waning nowadays, but I guess not. See if you can get the lender to waive the additional reach for more security. I can’t believe they ever intend to go after such collateral if you ever lose the property by foreclosure. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : A point of clarification, in laymen terms would be the bank not only wants to secure it position with my co-op unit, but also include everything in it (not that I would default, but if I did, that would mean not only would I be homeless, but they would own everything down to my BVD's!!?) : : You mentioned you won’t give any lender such additional security over personal property. So is signing the UCC-1 optional nationwide? : : I don't want to give away more than I have to that's required by law. : : thanks again (your help is appreciated) : =•=•=•=•=•=•=•=•=•=•=•= : Chalazion, I have five equity lines of credit outstanding, secured against five of my properties by Wells Fargo and I don’t have any financing statements involved. So yes, it’s up to the lender’s routine as to whether they’re going to require such additional security. : I had thought a UCC-1 filing in such a setting as yours was waning nowadays, but I guess not. See if you can get the lender to waive the additional reach for more security. I can’t believe they ever intend to go after such collateral if you ever lose the property by foreclosure. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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