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Would not result from defaulting on a loan?
Imprisonment
What term is defined as a legal process in which mortgaged is sold to pay the loan of the defaulting borrower?
Foreclosure
Which term is defined as a legal process in which mortaged property is sold to pay the loan of the defaulting borrower?
foreclosure
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Does defaulting on a payday loan constitute check fraud?
Defaulting on a payday loan does not, in and of itself, constitute check fraud.
What term is used for not paying on a loan?
Defaulting.
What is it called when you don't pay back a loan?
Failing to pay back a loan is called defaulting on the loan.
In the state of Georgia can you go to jail for defaulting on a car loan?
No.
Who do you contact when scammed on loan?
Personal loan for foreclosure
Do you have to pay a loan back?
Yes. Defaulting on your loans is against the law.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
If you default on a payday loan in Texas can you go to Jail?
You can't go to jail anywhere simply for defaulting on a payday loan, anymore than you can for defaulting on a mortgage, car loan or credit card. There has to be something more, like using someone else's identity to obtain the loan, for a criminal offense to have occurred.
