Secured Debts Why Your House Mortgage Must Not Be Overlooked
A simplify definition of debts are money due or own to people under an express agreement to repay. They usually arise because of a service or goods provided to you.
While it seem logical that all debts involved around money owned to others. There are in fact 2 different types of debts as far as your financial health is concerned. They are secured and unsecured debts.
Identifying your debts and classifying them into secured and unsecured debts are important. The reason being you will have more to lose financially if you ignored on your secured debts.
Secured debts refer to any loan or credit that was obtained by allowing your lenders to put a lien on a piece of valuable property that you own. These properties can be your house, auto, yacht and even expensive jewelries. Properties put on lien are also known as collateral.
A secured loan amount is usually based on the valuation of the property, and is based on the principle that if you fail to pay or default on your payment, your lender has the right to repossess and confiscate the property to recover their loan amount owned. Your...
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