What are
Secured Debts?
When
talking to debt companies, you may hear the word "Secured Debts" or
"Unsecured Debts" frequently. It
can be confusing at times when you are getting bombarded with new terms and
need to make sense of all of them. This should clear up the confusion.
Secured
debts are typically debts which have collateral attached to them in the form
of a lien. A lein is a monetary claim against a property to be satisfied before
full ownership can take place. An example would be a Loan on your house. The
mortgage company owns the house until you have satisfied the lien (mortgage)
by paying off the amount you owe to them.
Examples
of Secured Debts are:
- Mortgages
(1st, 2nd & HELOC)
- Car Loans
- Bank Personal
Loans tied to a house, car, or other valuables.
- IRS Tax Liens
(usually tied to a house or established as a garnishment of wages)
Typically secured
debts are not negotiable in any way, shape or form. Really the only way to satisfy
a secured debt is to pay it off or get another loan with a lower rate to pay
it off. If you are looking for a mortgage, we offer a free service which will
provide you quotes from some of the lowest rate offers on the internet here
If
you would like a free quote from a company similar to the ones mentioned
above, click here
or call 1-800-646-2993.
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