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Personal loan
Prevalence of bank forfeiture of loan collaterals
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[QUOTE="Alexandoy, post: 126449, member: 25510"] 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. [/QUOTE]
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Prevalence of bank forfeiture of loan collaterals
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