What types of loans could result in the seizure of your property? why might that be particularly bad for a young borrower?

Question: What types of loans could result in the seizure of your property? why might that be particularly bad for a young borrower?

Some loans are secured by collateral, which means that the lender can take possession of the borrower's property if they fail to repay the loan. For example, mortgages and car loans are secured by the house and the vehicle, respectively. If the borrower defaults on these loans, the lender can foreclose on the house or repossess the car. This can be especially detrimental for a young borrower, who may not have enough savings or income to recover from the loss of their property. Losing their property can also affect their credit score, making it harder for them to obtain future loans or other financial services.

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