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Old 10-28-2009, 06:44 PM
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can autos and a home be used on same loan?

Wisconsin (only U.S. law)?
My Credit union financed a special loan to help get us out of the hole we were in. They did a 3rd mortgage with the house and the autos as collateral since there was not enough equity. I talked to one of the other loan officers that told me they can't have cars and houses as collateral on one loan. Is this true?
  #2  
Old 10-28-2009, 07:20 PM
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Join Date: Mar 2005
Posts: 521

no

one is a chattel loan, one is a real property loan, completely different in all things, like laws.
  #3  
Old 10-28-2009, 10:04 PM
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So the credit union I have saying that they have a lean on not only my home but on both our cars is wrong? Is this something I should pursue? Did they break any laws? They have leins on both my cars and my home. Thanks!
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