Collateral Property. Home Loans

Collateral Property. The property which is subject to a lien. A creditor with rights in collateral is a secured creditor and has additional protections in the Bankruptcy Code for the claim secured by collateral. The measure of the secured claim is the value of the collateral available to secure the claim: it is possible to have a lien on property that is subject to a senior lien or liens such that the security available to pay the claim is really without value to the junior creditor. The general rule with respect to liens is "First in time, first in right."

Approval subject to verification; verification may include but is not limited to verification of the value of the collateral property, borrower(s)' income, debt obligations, proof of homeowner's insurance, borrower(s)' identification, other liens on the collateral property and/or combined loan-to-value ratios, and where required, proof of flood insurance. All borrowers must meet all eligibility requirements. Funding may be withheld until verification is complete. Failure to provide requested information may result in declination of the credit request

Madison Hunter, Inc. is a licensed Real Estate Broker with the California Department of Real Estate License# 01444750