What will happen if you use the same collateral on several loans and default on 2?
This is a discussion on What will happen if you use the same collateral on several loans and default on 2? within the Debt Collection forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; If i got say, 6 loans over a period of a year/year and half, and all the loans had similar ...
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Aug 16th, 2009, 12:51 PM
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#1 |
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Junior Member
Join Date: Aug 2009
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What will happen if you use the same collateral on several loans and default on 2?
If i got say, 6 loans over a period of a year/year and half, and all the loans had similar or the same collertal used to secure it. If i default on two or three of those loans, what will happen to me, is this criminal fraud? Will i go to jail?
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Aug 17th, 2009, 10:02 AM
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#2 |
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Guest
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Re: What will happen if you use the same collateral on several loans and default on
You generally cannot use the same collateral for more than one loan.
Yes, if the lender (or lenders in this case) discovers you offered up the same collateral for 6 different loans, you could very well find yourself in legal trouble. |
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