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If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?
You will be liable to pay the debt outstanding.
What is a secured loan?
what is a secured loan
What does Secured Home Loan mean?
A secured home loan is a home loan where there is a security or collateral used to secure the mortgage. Often times the home itself can be used as collateral to lower the interest rate and monthly payment. By using the equity in the house as collateral for the secured loan.
Is it true or false that a mortgage is a type of unsecured loan?
It is false. A mortgage is a secured loan. The house itself is the security.
What is a partial secured loan?
Where only part of the loan is secured.
If your house is repossessed due to a secured loan and there is not enough equity to pay the loan what then happens to the secured loan?
You will be liable to pay the debt outstanding.
What is a secured loan?
what is a secured loan
What does secured loan?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
What does Secured Home Loan mean?
A secured home loan is a home loan where there is a security or collateral used to secure the mortgage. Often times the home itself can be used as collateral to lower the interest rate and monthly payment. By using the equity in the house as collateral for the secured loan.
Do the terms buying and owning a home mean the same thing when applying for credit?
No, a house is considered a secured loan. When you apply for credit it will be either a secured or an unsecured loan.
Will the bank go after your house if you don't pay for your car loan?
no, your car loan is secured by your car, your mortgage by your home
Is it true or false that a mortgage is a type of unsecured loan?
It is false. A mortgage is a secured loan. The house itself is the security.
What is a partial secured loan?
Where only part of the loan is secured.
What if a person dies while utilizing a reverse mortgage and did not use all the equity?
A reverse mortgage is a loan secured by the house. The loan must be paid off. Heirs have three options: sell the house using proceeds to pay the loan and keep the difference, refinance the house typically for the amount due, or give the house to the lender. In the latter case, the lender keeps (or eats) the difference.
Is a mortgage considered a bond type security?
No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.
What makes a loan a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
If you have secured a loan on your house what happens when you sell it?
All liens against the property must be satisfied and cleared as part of the sale. This can mean all monies due are paid, or the lender agrees to other terms in order to call the loan satisfied.
