What Is Secured Collateralized Debt?

They are a home or automobile and are an entirely different story. If the creditor can simply repossess the property, why should he negotiate? The debtor can often renegotiate a short payment relief with a secured debt but won't attempt to settle the account while the debtors still possess the property.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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