What will happen if a person cannot pay a huge amount of personal loan?

A friend of mine has a $20,000 equity and $40,000 personal loan in the bank and was not able to pay a single amount because he was laid off from his job. What do you think the bank will do to his property and to him?

Asked By: Franziz R - 8/1/2007
Best Answer - Chosen by Asker
Firstly, harassment... More
Answered By: Laser-guided Democracy for All - 8/1/2007
Additional Answers (5)
They will repossess the collateral (house, car, etc) that he placed on the loans... More
Answered By: Mr. G - 8/1/2007
Eventually the bank will get whatever was used as security and your friend will have ruined his credit.
Answered By: kokopelli - 8/1/2007
They will take the property that he used to secure the debt. If it was secured by his house, they will sell his house from under him. If it was his car, they will repo it. The bank will get its money however they can.
Answered By: capitalctu - 8/1/2007
Hi... More
Answered By: Dzo - 8/1/2007
all the bank can do is report no payment to the credit bearus... he will end up haveing bad credit,
Answered By: Dan H - 8/1/2007
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