Does a secured debt ever become an unsecured debt?
A secured debt can become an unsecured debt if the underlying collateral is surrendered, such as in a foreclosure or a repossession. In foreclosures and repossessions, the collateral is often [...]
A secured debt can become an unsecured debt if the underlying collateral is surrendered, such as in a foreclosure or a repossession. In foreclosures and repossessions, the collateral is often [...]
The difference between secured and unsecured debt is simply whether or not there is collateral associated with that debt. An example of a secured debt would be your mortgage or car loan. [...]