Best Answer

You will lose your House and everything in it.
The bank has the right due to the fact you signed your name.

User Avatar

Wiki User

โˆ™ 2007-09-24 14:04:54
This answer is:
User Avatar
Study guides

What is rhetorical device

Who was the father of rationalism

What is a cash advance

What is discretionary spending within a budget

See all cards
11 Reviews

Add your answer:

Earn +20 pts
Q: If a business loan has your house as collateral what happens if you stop paying payments to the bank?
Write your answer...
Still have questions?
magnify glass
Related questions

What happens if collateral used for loan is sold before the loan is repaid?

You are still responsible for paying the loan as before.

Can a soon-to-be-16-year-old get a car loan if he does not have a job?

No! You would have to have your parents cosign for you. Having a fairly good paying job, owning a boat, condo, house, property is classified as "collateral" and the loan is put against that. The reason for this is if you choose not to make your car payments or can't make your car payments then the bank will take whatever collateral you have put against the loan. The bank is in the business of lending, but also getting their money back! Marcy

Dividend Payments?

Corporations have shareholders that invest in their business and expect a portion of the business's profits in return. Dividend payments are part of the shareholders' returns for investing in a business. Corporations have a choice to either reinvest their profits in shares, or keep a portion of the profits and paying shareholders dividends.

If you pay 13000 of a 15000 loan is that taken into consideration when you stop paying?

All payments are considered when you stop paying on a loan. However, when you default on the contract, it is the contract on which you are paying. The collateral only secures the loan, and if there is collateral, it may be secured (repossessed) to be sold to be applied to the balance. If you only owe $2000 on a $15,000 loan, the collateral could be worth a substantial amount. The lender may choose to sell the property for only the owed amount and fees. If so, you are out the remaining value of the property. If the lender wishes, they may choose to sell it for its fair market value, and anything in addition to what is owed should be returned to you.

What happens when you are paying and they say it is not enough?

Grab all yu can and get the heck outta there what can happen when you are making monthly payments on a debt,debtor says its not enough?

When did social security begin paying disability payments?


You stop paying business and personal credit card payments as per attorney advice and file bankruputcy after 9 months for better results?

i dont know the answer dir

What are the functions of accounting explain?

A business involves many financial transactions, the main ones being paying bills, receiving payments (for whatever product or service is sold by that business), paying employees, paying taxes, and if things go well, paying dividends to investors or stockholders. There are all sorts of rules and techniques needed to correctly keep track of all these things, which constitute the practice of accounting.

I am paying child support payments until she's 22 when do I stop paying do I stop on the 22nd or do I continue paying until the 23rdbirthday?

on her birthday

How do you prevent your home from going in to foreclosure?

By paying your mortgage payments on time.

Making car payments can your car be repo?

If your paying for the car, they cannot!

What happens if the father is not paying his court ordered child support?

Same as if the mother isn't paying - the State may take various actions to collect, such as wage garnishment, interception of Federal/State payments, liens on real and personal property.

People also asked