What Is Unsecured Debt?
Basically any debt that is not “backed” by an asset is unsecured debt. When you buy a home, the bank gives you a loan that is backed by the home itself and you sign papers that state should you be unable to pay the bank back, the bank has the right to take over your home in lieu of payment. In that case the bank has foreclosed on your home and will sell it in order to get their money back. Of course this is a last resort for all parties involved and on that can sometimes be avoided through mortgage loan modification to avoid foreclose.
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