But, here again, those provisions are increasingly being waived as lenders seek to attract more business.
The Senate report shed new light on how lenders sought to curry favor with financial aid offices.
Under this system, lenders, who have more buying power, would more aggressively seek the lowest price for real estate settlement services.
The lender cannot seek repayment from your other assets or your heirs.
The report pointed to internal university documents showing how lenders sought access to students through gifts to university officials.
Potential lenders will seek to influence the financial structure of the project to minimize their risk or to maximize their return.
Now, out-of-state lenders actively seek loans in this area.
The lender may also seek a second appraisal and even interior photos.
The lenders have not yet sought full repayment of the loan, which financial experts said could precipitate a bankruptcy filing.
In other states, like Texas, lenders can and have sought deficiency judgments, but the judge sets the amount based on a new appraisal.