The conversation between human and AI assistant.
If I am unable to pay bank loan amount, how can I save my colletral?
Is there any way to avoid losing my collateral altogether?
Unfortunately, if you default on a loan, the bank has the legal right to seize and sell any collateral you offered up to secure the loan. However, as I mentioned earlier, refinancing the loan or negotiating a new payment plan with your lender could help you avoid defaulting altogether.