A real estate term for a real or personal property that is used to secure a loan. If the debt isn’t paid, the lender can sell the collateral in order to recoup the outstanding principal and interest on the loan.
COLLATERAL
A real estate term for a real or personal property that is used to secure a loan. If the debt isn’t paid, the lender can sell the collateral in order to recoup the outstanding principal and interest on the loan.
