Home Debt Settlement FAQ's Does secured debt ever become unsecured debt?

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Does secured debt ever become unsecured debt?
Question 4- Does secured debt ever become unsecured debt?

Answer:A secured debt may become an unsecured debt in situations where the property securing the loan has already been repossessed and sold by the creditor. If the sale of the property does not meet the contractual obligation the consumer owes a deficiency balance. This deficiency becomes an unsecured debt. Certain exceptions may apply and will depend on the security interest.
 
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