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Secured Debt

Secured debt is debt that is backed by collateral, such as a mortgage. In the case of a mortgage, the house is the collateral towards the debt, and in the case of a repayment default, the bank can then seize the house. The house will be sold and the proceeds from the sale will go towards paying back the debt. Secured debt is considered less risky than unsecured debt such as credit card debt, which offers no collateral to protect the lender against default. In the case of a bankruptcy filing, lenders with secured debt usually have priority. Assets may be liquidated in a bankruptcy filing, and the proceeds from the liquidation would first go to the holders of secured debts. Whatever is left over will then be claimed by the lenders of unsecured debt. Because of the risk, unsecured debt is usually more expensive with higher interest rates.

Fast Facts

  • In the first quarter of 2009, there was $14,615,037 of outstanding mortgage debt among all holders in the US.
  • Home foreclosures in 2009 are estimated to reach over 1.8 million.

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