Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question SECURED Loan: Since a loan is secured by property does that limit collections to the current value? Whether it is worth either more or less, does that matter, since it was accepted as "security" for the loan? By G-Man Posted on 05/04/08 Total Answers 2 Answers- If you owe more than the property is worth, you still have to pay that amount. Example: you buy a house for 100,000 and have a 90,000 mortgage loan. Value of house decreases to 80,000, you still ow 90,000. Answer by : irishcrm317 On Date 2008-05-04 10:10:25 No, you are responsible for the balance of the loan no matter what how the value of the collateral fluctuates. Answer by : Jeanie On Date 2008-05-04 10:11:23   Go Back To Search Results