Legal Question in Real Estate Law in Virginia
cross collateralization in real estate mortgages
What language needs to be contained in
a deed of trust in order to pledge one
piece of real estate as collateral for a
credit line loan on a different piece of
property? Must the document reference
the address of both pieces of property?
Asked on 5/27/09, 10:35 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: cross collateralization in real estate mortgages
Yes, I would thinks so, but it would seem advisable for you to consult with an attorney who regularly prepares this type of instrument to make sure that it meets all the requirements necessary for a valid deed of trust for the transaction which you've described.
Answered on 5/29/09, 12:53 am
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