what is “Personal Loan Secured by: Real Estate”?

trail2k2: what is “Personal Loan Secured by: Real Estate”?
i have a personal loan ($ 8,500) that i can’t repay, and got a letter in the mail saying that they can “repossess and sell and property held as collateral for this account”. so will they just foreclose the home or will they foreclose and take my stuff (TV, computers, stereo systems, and so on)? please respond a.s.a.p, the letter says that i only have 10 days to make a payment. i need to know if i should move my stuff before it is too late.

Answers and Views:

Answer by Bill F
When you got the loan, what did you list as collateral? If was just the home, that is all they can take. If you listed the home and its contents, then they can take it all. I think federal law says you have at least 30 days to vacate a home that has been reposessed.

Answer by shiprepairwoman
A personal loan usually is unsecured so they can only take you to court get a judgment then garnish your wages. If they took collateral like a car they would take that and sell it the sue for the difference.

Answer by bahar
Trail 2k2 it all depends on what you listed in the loan contract under collateral. If it was just your home and you cannot make the payments, then yeah you need to get your stuff in storage. The letter may say 10 days but you may have more than 10 days under federal law to vacate.

With so many people into foreclosures, the time they get to you may even be a while, who is to say. I saw on TV where in some state a sheriff stopped his people from evicting people.

The whole foreclosure thing is a mess it is unreal.

Answer by ann
you had better talk w/them and see what kind of deal you can make.