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- Newsgroups: misc.consumers
- Path: sparky!uunet!zaphod.mps.ohio-state.edu!moe.ksu.ksu.edu!ux1.cso.uiuc.edu!news.cso.uiuc.edu!acheng
- From: acheng@ncsa.uiuc.edu (Albert Cheng)
- Subject: What does collectible mean?
- Message-ID: <1992Jul27.052606.622@ncsa.uiuc.edu>
- Originator: acheng@shalom.ncsa.uiuc.edu
- Sender: usenet@news.cso.uiuc.edu (Net Noise owner)
- Organization: Nat'l Ctr for Supercomp App (NCSA) @ University of Illinois
- Date: Mon, 27 Jul 1992 05:26:06 GMT
- Lines: 8
-
- If a borrower can not or does not make the monthly payment, the bank
- can come repocesses the "collectible". For a car loan, that is the
- car. For a home-loan, it is the property. Can they "confiscate" the
- furniture and other contents (e.g., that mink coat)?
-
- After the bank has sold the collectible and if there is not enough
- money to cover the loan balance, can the bank come back for more? Or
- the repocession of the collectible is the end of it?
-