Loan Default: Workout, Litigate or Foreclose?
Creditors are often faced with a difficult decision when a borrower defaults on a loan. In order to stay in business, creditors must collect on as many loans as possible. However, there are different ways to collect on loans and different factors that determine which way is the best way to try to collect the money owed in a given situation. Primarily, creditors have three …
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Repossession and Foreclosure of Personal Property
In today’s age of high prices for everything from cars to furniture, from flat screen TVs to washing machines, many businesses find it necessary to allow their customers to buy things on credit. Some businesses choose not to offer credit cards or credit lines but instead allow a customer to purchase a particular item on credit which allows the business to keep a security interest in …
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