Expert Debt Management
Expert Debt Management
Secured Debt
     There are certain types of debt that are considered Secured Debt. These debts can not be consolidated as they are a different type of loan that has different restrictions to them. These typically have collateral attached to them in the form of a lien. A lien is defined as a claim that is monetary in nature against a property to be satisfied before full ownership actually happens. For example, one is a loan on your house in the form of a mortgage. The bank or mortgage company actually owns the house until you have satisfied the conditions of the lien (or paid the mortgage off) This prevents the bank/mortgage company from losing out if you can't afford the cost of the house payments.

     Under most circumstance, secured debts are not negotiable. The only way to satisfy the lender is to obviously pay it off entirely. This could however be done by borrowing money from another lender and use it to pay off any secured loan. Or if you don't pay it off, the bank can re-posses your house (where they will go and sell it again) thus that will take care of the paying back of the bank in most cases. If they re-posses your house and the value of it has dropped considerably and they can't sell it for what you still owe, there maybe some other factors that come into play.

Some other examples of secured debts/loans are:

- Mortgages (1st, 2nd and HELCO)
- Car Loans
- Loans from a bank that are tied to your house or car or other valuables used as collateral.
- IRS tax liens are also usually tied to a larger asset or maybe set up and established as a wage garnishment.

Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.
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