If you have a secured loan that was charged off and not yetbought by a junk collection agency. Does anyone know if that would become a unsecured loan? Example furniture or car for a personal loan
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What sort of loan do you have? Have you filed bk?
Just generally speaking, the auto would be repod and any deficiency balance is unsecured. -
Well a auto it is old and smashed old loan used it as collaterol didnot use it in years, they have a lien but it is not worth anything. book value 500 dollars. Just wondering if I have to pay for it, no not filing yetComment
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A secured loan is exactly that, secured. If you secured the loan with a vehicle, then you need to be prepared to forfeit the vehicle back to them. Even if the loan is sold, the loan is still secured. The vehicle may be old and worthless, but you did pledge it to them as security.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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