I can either take out a loan secured on my home ie. a mortgage, or an unsecured loan. Is an unsecured loan such that the lender cannot have any claim against your home? For example, if I borrow 25,000 and then default, does the lender have any claim on my home through the courts? In general, what types of loan are there which do not allow the lender to force my home to be sold, should I be unable to pay them back?
- posted
19 years ago