Secured loans and a mortgage?

[sam2112]

i had a mortgage with my ex husband, he left three years ago, and i have been paying the mortgage on my own, but split our first plus loan £125.00 a month each. I want to hand my keys back to my mortgage company (northern rock) as i cannot afford to pay the mortgage pay half the loan and pay a pay plan payment to pay off old debts which is £100.84 a month? I want to know if i give back my keys to my house what would happen to my first plus loan? my mortgage is £100000, my first plus loan is £24000 and my pay plan £8000 my house is probably worth £130000??

Any advice would be really helpful.


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Mortgages|Mortgage

[david]

Hello,

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.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.

Thanks
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[david12]

Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien can be placed on such purchases. The finance company or bank will hold the deed or title until the loan has been paid in full, including interest and all applicable fees. Other items such as stocks, bonds, or personal property can be put up to secure a loan as well.A mortgage is a loan procured by a buyer to pay off the seller of a piece of property in full.
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