Legal Question in Consumer Law in Illinois
My Mortgage Ballon loan expired. My Credit Union, in Illinois, didn't inform me that it was due. Instead the credit union reported me to the Credit Bureau as being late even though i am still making my monthly payments. Does my Credit union legally have to inform me when the Ballon loan is up for renewal?
Asked on 8/05/10, 7:43 am
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
I have never heard of a lender failing to inform a borrower that a balloon was due, since usually they would want to keep your business. Whether they had an obligation to let you know depends on the terms of the documents you signed when you obtained the loan.
Answered on 8/10/10, 9:13 am
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