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i am doing a deed in lieu with my lender. they want me to sign an unsecured loan for $30,000 due and payable in 5 years with zero percent interest rate. i want to sign just get out the house. what happens if i don't pay in 5 years? since its an unsecured loan what can they do to me?

adonis · Posted: Tue Mar 16, 2010 8:50 pm Post subject:

Welcome dbs,

The lender cannot force you to sign the unsecured loan as I think it would be considered as illegal. However, if you sign the loan and do not pay off the dues after 5 years, the lender can charge off the loan which can further lower your credit score.

Company	Loan Type	APR	Est. Pmt.
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				Go
				Go
				Go
				Go
				Go

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