Chase Bank Secured Loans
Financial institutions offer four types of secured loans including
mortgage loans, non-recourse loans, foreclosure and repossession. Chase Bank Secured Loans The
last two may surprise many readers as foreclosures and repossessions are
not generally considered loan types. Because all secured loans require
some form of collateral, a mortgage loan stipulates that property will
function as collateral for the mortgage. If the mortgage is not repaid,
the applicant will lose the property.
Chase Bank Secured Loans
Non-recourse loans are secured
loans that stipulate that only the collateral will be available for
claim if the applicant defaults on the loan. In this case, collateral
can be a vehicle, expensive jewelry, property or stocks. A foreclosure
is a secured loan that resells the property to recoup monies lost on an
unpaid loan. A foreclosure is only applicable to a property.
Chase Bank Secured Loans
Chase Bank Secured Loans Repossession is similar to a foreclosure in that the claimant (e. g. the
bank) can secure lost monies owed on a vehicle, for example. In the
last two instances, the property and the vehicle are the collateral that
allows both loan types to function as secured.
Chase Bank Secured Loans
