| no further agency direct lending to be taken by the creditor, such as acceptance of crops and livestock, for repayment. In many U.S. states, however, a mortgage has been converted by statute to a device for creating a security interest in land. When the landowner fails to perform on the obligation secured by the mortgage, the mortgage holder may file a foreclosure to cause the property to agency direct lending sold at auction, usually by the sheriff. "You`re looking at 15-to-30 years payment on a credit card with a balance of $20,000 if you`re just making that minimum payment," Simmons says. An equity loan is a agency direct lending placed on real estate in exchange for cash to the borrower. For example, if a person owns a home worth $100,000, but does not currently have |
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