Repossession or a foreclosure is one of the issues that you many people dread. You lose assets that are vital to you, and this might leave your family stressed and unable to know what to do.
Repossession also adds to the current debt, which will put more assets in jeopardy. A qualified asset protection attorney can help you avoid loss of your assets.
The stages of foreclosure are similar whether you used a boat, house or car to secure the loan. In every instance, you use certain assets as collateral. The lender expects you to follow the agreement towards repayment of the loan that you have taken.
If you fail to meet the agreement, the lender sells the collateral and uses to proceeds to meet the loan demands. If there is any surplus, it is yours. If you have a deficiency, then you continue paying for the loan till the debt is cleared.
So, how can you secure loans that will avoid repossessions and foreclosures? Here are a few tips: