QUESTION
I have three secured loans with a credit union and cannot pay all of them. If I default on one can they call in the other two even if I pay them?
Asked on Nov 07th, 2012 on Business Law - New Hampshire
1 ANSWER
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The answer depends on the terms of the loans themselves. Loan agreements frequently contain so-called "cross-default" clauses. Read your loan agreements.
Answered on Nov 09th, 2012 at 4:10 AM