cross collateralization in mississippi

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Is it a violation of the real estate laws governing the state of mississippi for a lender to cross collateralize business property with homestead or personal property ?

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Can’t speak for Mississippi, but have seen it done elsewhere. I just had a client who couldn’t refi because their business lender had put (with borrower’s consent) a 70K lien on their home to secure a business loan. Unfortunately, the commercial lender didn’t inform my client that the lien could (and did!) affect their ability to refinance (or sell) their home.

Answered almost 4 years ago
Ted Rood
1480 1 8
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