Secured Debt - A secured debt is secured by collateral that a lender can take from you if you do not pay. Car loans and mortgages are secure debts as they are secured by items themselves.

Shortsale - Selling a property for less that what is owed on it is called a shortsale. The sale may also violate a prepayment penalty or other terms with the bank. Such a sale should only be made if the seller is in distress and the bank gives permission beforehand.

Small Business Loan - A loan given to a business by a bank.

Subprime Loan - A “subprime” loan is a loan designated for the majority of people who don’t have perfect credit. Having unpaid collections or judgements will usually cause a buyer to utilize a subprime loan. Subprime loans typically have higher interest than “A paper” loans. To avoid having a subprime loan you should consider debt settlement to clear up unpaid debts.