What is the Difference Between Secured and Unsecured Debt?
Sawin & Shea
JANUARY 25, 2022
For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed.
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