Faith's house was sold at auction last week on the front steps of the Catawba County Justice Center.
The Newton woman, who asked not to be identified to protect her privacy, said making payments on the three-bedroom house had been a struggle from the time she bought it nearly five years ago. A second mortgage and payments on a home equity line of credit put the 51-year-old divorcee in debt and kept her there.
When her lender started foreclosure proceedings in late summer, Faith did what many people in similar circumstances do. She walked away from the house without even talking with her lender. read more
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
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