How do I get rid of my secured debt?

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.

US Legal Forms
Deeds
Land Deed of Trust

Secured Debt Shall For Loan In King

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

King

Control #:

US-00181

Format:

Instant download

Description

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.

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FAQ

If you file for a Chapter 7 bankruptcy, your secured debt may be discharged, but the lender is also able to repossess the property that secured the debt. In other words, if you have a mortgage on your home and file a Chapter 7 bankruptcy, the mortgage debt may be discharged but the lender can take back your home.

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.

Secured Debt. You can deduct your home mortgage interest only if your mortgage is a secured debt.

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When it comes to collateral for a loan, cash is king. Secured loans require collateral, an asset the lender can seize and sell if the loan goes bad.A secured loan requires the borrower to provide an asset, such as a car or property, as collateral. With a secured loan, you must provide collateral (a valuable asset such as a home or car) as security in case you can't pay back your loan. Secured loans borrow against funds you already have. To apply for one, you must have an adequate amount of money saved up to serve as collateral. Secured and unsecured loans offer two different ways to borrow. Compare them to help decide the best borrowing option for you. A borrower can secure a personal loan with an asset like a savings account, a car or home equity. Secured loans require the borrower to put up collateral, such as a house or car, while unsecured loans do not.

Secured Debt Shall For Loan In King

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