Types Of Secured Loans

There is few types of secured loans.

1. A mortgage is a secured loan where the collateral is the property like a house.
2. A non-recourse loan is a secured loan where the collateral is the only security or the creditor's claim against the debtor and the creditor has no further recourse against the borrower for any deficiency, according to foreclosure against the property.
3. A foreclosure is a legal process in which mortgaged property is sold to pay the debts of defaulting debtors.
4. Recovery is a process in which the property is, like a car, charged with the creditors if the borrower for payments that do not stop at the property. Depending on the jurisdiction may or may not require a warrant.