A shortfall is the difference between the value of an asset and a loan it is used as security for.  Due to accounting convention the asset is always the current market value of an asset.  If the creditor has to foreclose on the asset they will sell the asset at auction, the debtor will then [...]

This is a term used for any asset a Debtor uses as collateral for a loan.   Creditors will often want security for a Debt Consolidation Loan A creditor has the right to foreclose on this asset in the event the debtor defaults on the loan [Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]

A secured debt is a loan where the debtor uses an asset as collateral or security for the loan.  The loan is therefore “secured” against the loan.  In the event that the borrower defaults on the payment the credit can take possession of the asset used as security.  If the asset used as security is [...]