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Securing A Debt On Property
State:
California
Control #:
CA-02626BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out California Amended And Restated Deed Of Trust Securing A Debt Between Individuals?
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FAQ
Secured debt is debt that is backed by property, like a car or a house. Should you default on the loan or debt repayment, the creditor can take the collateral instead of opening a debt collection on your record or suing you for payments.
A secured loan is a loan attached to your home. If you're unable to pay the debt, the lender can apply to the courts and force you to sell your home to get their money back. If your circumstances change and you miss payments to a secured loan, you could lose your home. You may have seen adverts for secured loans on TV.
If you're ready to walk away from the property and get out of the secured debt for good, you also have the option of surrendering the collateral to the bank. They get to sell it at auction to the highest bidder and you get to discharge your obligation to pay the debt, no matter how much is left owing.
As it's very unlikely that a lender would write off a secured loan, the only way to get rid of one is to pay it off. There are three main ways to do this: continue making your regular payments as normal. negotiate with the lender and agree a different payment plan.
Collateral. Lenders consider the value of the property and other possessions that you're pledging as security against the loan. In the case of a mortgage, the collateral is the home you 're buying. If you don't pay your mortgage, the mortgage company could take possession of your home, known as foreclosure.