Can I give up my property I assigned to a secured debt to reduce the amount I owe,
Date: Wed, 01/08/2020 - 10:24
Can I give up my property I assigned to a secured debt to reduce the amount I owe,
Can I give up my property I assigned to a secured debt to reduce the amount I owe, therefore reduce payments? property is not my car, house or anything major.
You can do that. But even
You can do that. But even then, you have to pay the deficit amount. If your loan amount is $20000 and your property value is $12,000, then the deficit balance will be $8000. You have to pay $8000 to the lender. And if you don't pay the amount, then the lender can sue you for the deficit balance.
Even if the property assigned
Even if the property assigned to the secured debt is not major, I would suggest you not to give up that. If you are unable to pay off your remaining outstanding balance amount, I would suggest you go for debt settlement. For instant debt help, call 800-DEBT-913.