Legal Question in Consumer Law in Texas
There is a clause in my loan contract that states: "The lender reserves the right to request additional security coverage or additional collateral payments pending an independent assessment of Borrower information, if sicurity provided by Borrower is deemed inadequate." If my credit is reviewed and I am told a specific dollar amount needed as collateral, based on that review, Once I provide that sum, can another credit review ( and subsequently another collateral request.) be done?
Asked on 12/10/09, 11:40 am
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
Technically, yes. These loan documents are ALWAYS drafted by the lenders, and they ALWAYS give the lenders the right to do outrageous things.
Answered on 12/15/09, 3:09 pm
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