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Personal loan
When the collateral is forfeited due to non-payment of loan
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[QUOTE="Alexandoy, post: 116361, member: 25510"] I hope you have not experienced this kind of problem. When we were prospecting a house via bank mortgage we were lucky to find one that we liked with a cooperative owner. From the asking price of 2 million the owner agreed to my wife’s offer of 1.6 million (in our currency). When the deal was finalized the owner admitted that the property is a collateral for a loan. Worse, the loan was unpaid for months. It is fortunate that my wife wanted to try to talk to the lender. The principal amount was 250,000 but the balance with interest and penalties was 410,000. We paid the balance in cash and we got the title that we submitted to the bank for the mortgage. It was a scary situation. [/QUOTE]
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When the collateral is forfeited due to non-payment of loan
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