Alexandoy
VIP Contributor
When you take a loan with a real estate as the collateral that would mean it is a big loan. When I was working in the bank I was assigned to handle the Loans system. That’s when I learned that almost 500 loans in a year were delinquent will have the collateral forfeited. The big number baffled me like imagining that there are many irresponsible borrowers as to neglect the collateral.
A few houses away is a big structure of 3 stories with about 10 rooms that was loaned to a bank. The structure was not finished and the bank had forfeited it in favor of the loan of 11 million pesos ($220k). I am posting this topic so the readers can be warned that it is a big risk if you will mortgage a real estate asset. Think well before you take a bank loan.
A few houses away is a big structure of 3 stories with about 10 rooms that was loaned to a bank. The structure was not finished and the bank had forfeited it in favor of the loan of 11 million pesos ($220k). I am posting this topic so the readers can be warned that it is a big risk if you will mortgage a real estate asset. Think well before you take a bank loan.