Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Secured Debt Any For A 6th Grader In San Diego
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Examples of unsecured debt include credit cards, medical bills, utility bills, and other instances in which credit was given without any collateral requirement.
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In many cases, a bankruptcy discharge can eliminate your personal responsibility for secured debt, so the lender can't sue you for unpaid amounts. However, the lien on the property doesn't automatically go away. The lender can still take back the collateral if you stop making payments.
Junior debt, also referred to as subordinated debt, is debt that is considered to be of a lower priority in the debt and debt repayment hierarchy. It is normally unsecured and can be provided without any collateral, making it risky. Junior debt tends to come at higher interest rates than senior debt.