Certain debts that you may have acquired without presenting any property to the creditor are called unsecured debts. The basic reason why this is called unsecured is that from the point of view of the creditor, there is essentially no security in this form loan or debt. If ever you, as the debtor, become delinquent in your payments, there is basically nothing that the creditor could use to compel you to pay up. In a secured debt, any property that has been declared as collateral would have been acquired by the creditor and be placed under its control until you are able to complete payments.

However, before you actually feel complacent because your debts are unsecured, you should also realize that the creditors, be these banks or lending firms, could still make use of certain legal remedies.
Once these are exhausted, they may be able to attach previously unsecured debts to your home. Of course, if you just let them process these legal remedies, you may actually find the property in which you live in become subject to confiscation. If not, such property may become hostage of the creditors; the return of which to your official ownership could only be made possible if you are done repaying your debts.

There are laws that actually allow such situation to happen. The laws may vary in detail from state to state or from country to country. However, the principle remains basically the same. This means that once a creditor deems it that a debtor is intentionally being remiss in his obligations he should be forced to do so by law. Because of this, the creditor could sue the debtor or got to the court to file a motion that would declare the home property a security for an unpaid debt. Of course, when this happens, you would certainly be at such a huge disadvantage.

You should never allow your home to be held hostage by creditors. It is very likely that the total sum of all your unpaid debts may not yet equal the current value of your home. Therefore, if your let your home be held hostage, you are actually putting yourself at such a huge disadvantage. You should know how serious the impact would be on you if you just lose your home because of some unpaid debts. It is very important that you find ways to repay your debts even if you also consider your current capacity to do so.

Bitter pills have to be swallowed if you have to treat your debt problems. However, you should also find ways that such solutions do not result in worse difficulties on your part. Debt consolidation may just be the solution that you need. Through this, all your debts would be consolidated into one big debt which could be repaid immediately through a new loan from another creditor. Once the old and different debts are repaid, you would only be dealing with the new one, which is actually much easier to handle.