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A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
Types of secured loans. There are many types of secured loans. Five of the most common include: Mortgage: With a mortgage, you put your home or property up as collateral to buy that home.If you ...
If a borrower defaults on a loan (due to insolvency or another event), that borrower loses the property pledged as collateral, with the lender then becoming the owner of the property. In a typical mortgage loan transaction, for instance, the real estate being acquired with the help of the loan serves as collateral.
If a property's title has multiple mortgage liens and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the title. Documenting this new priority arrangement will require the release of the mortgage securing the paid-off loan.
A secured loan is a type of loan backed by collateral that your lender can seize if you don’t make payments. A mortgage is one of the most common types of secured loans. Your home is the collateral.
The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to secure him) of ultimate repayment of the debt owed to him ...
There are many Tamil loanwords in other languages. The Tamil language , primarily spoken in southern India and Sri Lanka , has produced loanwords in many different languages, including Ancient Greek , Biblical Hebrew , English , Malay , native languages of Indonesia , Mauritian Creole , Tagalog , Russian , and Sinhala and Dhivehi .
Sri Lankan Tamil dialects are distinct from the Tamil dialects used in Tamil Nadu, India.They are used in Sri Lanka and in the Sri Lankan Tamil diaspora.Linguistic borrowings from European colonizers such as the Portuguese, English and the Dutch have also contributed to a unique vocabulary that is distinct from the colloquial usage of Tamil in the Indian mainland.