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What Happens When You Become A Debt Defaulter?
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[QUOTE="Alexandoy, post: 210761, member: 25510"] This topic depends on the type of loan. For big loans such as mortgages there is the collateral that is required by the lender which is usually a bank or a financial institution. Worse if the lender is a private person which would levy an onerous interest charges especially when you have arrears in the installment payments. When you default on the debt the first thing the lender would do is to forfeit your collateral based on the loan agreement that you signed. You lose the collateral and maybe you need not pay the balance of your loan. That happened to a neighbor who mortgaged his property for a bank loan. When he couldn't pay the 11 million pesos balance of the loan the bank forfeited the property. Until now, after 10 years, the property is still owned by the bank because it is for sale but there are no takers. [/QUOTE]
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What Happens When You Become A Debt Defaulter?
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