What’s an individual Debt Obligation?

An individual debt obligation is actually a sum of money legally owed to a lender that occurs out of a mortgage agreement. It calls for a continuing obligation to make payments until the debt is actually paid off in total. A lender has the right to sue to be able to gather some unpaid outstanding debt. A debt obligation could be attached or perhaps unsecured. A secured debt obligation will involve the placement of a lien against the debtors property, therefore a lender is able to induce the sale made of the property to pay off the debt. An unsecured debt obligation does not have any security against the debtors property which implies a lender can just sue a debtor individually to recover some monies thanks.