Types
- A mortgage loan is a secured loan in which the collateral is property, such as a home.
- A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.
- A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower.
- A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order.
Read more about this topic: Secured Loan
Famous quotes containing the word types:
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—Camille Paglia (b. 1947)
“He’s one of those know-it-all types that, if you flatter the wig off him, he chatter like a goony bird at mating time.”
—Michael Blankfort. Lewis Milestone. Johnson (Reginald Gardner)