You answered your own question. CROSS COLLATERALIZATION.
YES, IF the loans contain a CROSS-COLLATERALIZATION clause. Were you in DEFAULT of any other conditions of the loans? INS.???
READ your contract. look for the term "CROSS-COLLATERALIZATION". Its more common with CU than regular lenders. IF it has that term, YES, its legal.
A discharge of a debt in bankruptcy does not mean the debt is paid.Secured debts such as a vehicle do not get discharged in BK. The loan has to be reaffirmed, paid as agreed or settled according to the terms of the lender.If none of the above apply, the credit union is still a lien holder on the title and the title will not be cleared until that is done.If the loan was reaffirmed and paid according to the terms the credit union has to release the title within a reasonable amount of time. The time limit depends upon how long it takes the payoff transaction to be finalized, for example a check or money order clearing, and so forth.Exception when lender may not release the title: Cross-collateralization!This is a term used when the collateral for one loan is also used as collateral for another loan. If a person has borrowed from the same bank a home loan secured by the house, a car loan secured by the car, and so on, these assets can be used as cross-collaterals for all the loans. If the person pays off the car loan and wants to sell the car, the bank may veto the deal because the car is still used to secure the home loan and other loans. Technically, cross-collateralization expires when the borrower has no outstanding loans with the bank. In the context of bankruptcy, cross-collateralization also means the collateralization of general unsecured prepetition debt by collateral securing post-petition loans.Another example of cross-collateralization is when an individual may have a checking account and a loan at the same bank. If the individual becomes past due on the loan, the financial institution may take money out of the bank account or freeze the account until the loan becomes current.
Commonly found in account agreements at banks and credit unions, cross collateralization refers to money that is owed to the creditor being "backed" by all or specific other accounts the debtor may hold. An example of this would be a car loan with a bank where the debtor's savings and checking account are used as cross collateral for the car loan. If the debtor fails to pay the car loan, the bank may take funds from the debtor's checking and/or savings account to cover the payment or the loss in addition to any recovery allowed from action against the vehicle itself (such as repossession.
Read your account disclosures. There may be a clause that calls for cross-collateralization or cross-account offset. If you misuse one account, they may have the right to offset funds in another account held by one of the responsible parties. For example, if John is a co-signer on an signature loan under account "A" that is held joint with Cindy and payments are not made, they may be able to reach into account "b" held solely by John and recover payments.
The cross.The cross.The cross.The cross.The cross.The cross.The cross.The cross.The cross.The cross.The cross.
READ your comtract on the loan and the card. Word to look for: cross-collateralization NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy. YES THEY CAN. Read your contract. I'll bet it says they can accelerate (call in) EVERY loan you have with them if you are in default on ANY loan with them. And some even say "or with any other lender".
THE cross is the cross that Jesus Christ was crucified on. A cross is any other cross like the ones of the robbers next to Jesus's cross
its cross to bear.
there is no new cross for the cross.
You begin by kissing the cross and making the sign of the cross on yourself with the cross in your hand.
Cyclo- cross, cross-country mountainbiking, horse cross-country, cross-country rally, motorcross, supercross, cross-country running, cross-country skiing, boardercross, golfcross, lacrosse, and polocrosse.
it is always cross refer to ......
What drug can cross
There are three crosses: The St. George's cross - the vertical, horizontal red cross. The St. Andrew's cross - the diagonal white cross on blue field. The St. Patrick's cross - the diagonal red cross.
cross bosscross bosscross boss
The cross on the flags is a Christian cross.
it is a cross because Jesus died on a cross
The cross of a lowercase "t" is called a cross bar. It gets that name from its resemblance to a cross.
Knight's Cross of the Iron Cross was created on 1939-09-01.
The vantress cross is a cross breed of a chicken. The chicken is cross bred with the vantress and a cobb chicken.
The cross - das KreuzI'm cross - Ich bin sauercross the road - die Straße überquerencross beams - Querstreben
An F1 cross is a the first filial cross between offspring that are heterozygous. They are the result of a parent cross between a homozygous dominant and a homozygous recessive cross.