SECURED Loan: Since a loan is secured by property does that limit collections to the current value?
Thursday, June 3rd, 2010 at
9:30 pm
Whether it is worth either more or less, does that matter, since it was accepted as “security” for the loan?
Sell and Rent Back
Related articles:
- Secured Loans: Get a Cheap and Easily Accessible Loan If you are looking for a bigger amount, then it is preferable to apply for Secured Loans. These types of loans require your property as security for the loan...
- How can i get a secured loan with bad credit? I need a secured loan, but i have bad credit. The collateral i will be using will be worth about 1800 more than i need for the loan. all...
- Secured Loan: Least Cost & Maximum Loan Amount Secured Loan: Least Cost & Maximum Loan AmountUnderstand a basic concept of lending-the higher the risk associated with the loan, the costlier the loan would be, and the lower...
- Can I get a small secured loan whilst under a debt agreement? I am currently paying off a debt agreement, but am in need of a small (no more than $2,000) secured loan to pay some vet bills etc. I have...
- How do I go about getting an auto secured loan on my PIF Vehicle? I have excellent credit but several cr. cards with balances. I was thinking of taking a loan out against my vehicle in order to consolidate all into one payment...
Tagged with: Collections • Current Value • secured loan
Filed under: secured loan
If you owe more than the property is worth, you still have to pay that amount.
Example: you buy a house for 100,000 and have a 90,000 mortgage loan. Value of house decreases to 80,000, you still ow 90,000.
No, you are responsible for the balance of the loan no matter what how the value of the collateral fluctuates.