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Discussion Starter #1
No, Im not looking to adopt again, one run around is enough for me. Any other children I have will be "Au Natural" for stress purposes.<br>
But I was curious because I have heard of people "Financing" their adoptions and I have some questions (because Im quite frankly ignorant on the topic!)<br><br>
When you finance an adoption do they do credit checks?<br><br>
Does a bank finance you or who finances you?<br><br>
What happens if you dont complete your financial obligation? They surely don't...erm, for lack of a better word, Repo <img alt="" class="inlineimg" src="/img/vbsmilies/smilies/duck.gif" style="border:0px solid;" title="Duck">: your child right?<br><br>
Okay again I know they may sound silly but I have always wondered!
 

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As with any loan, it is either secured or unsecured.<br><br>
A car loan or mortgage, for example, are secured loans. If you don't pay, they can take the car or house.<br><br>
A credit card is an unsecured loan. There's nothing to 'take' if you don't pay, though they can get a judgment against you, garnish your wages, etc. The only way to truly be rid of them would be bankruptcy which has its own new set of rules and regulations making it more complicated and difficult in some cases to file.<br><br>
In the case of adoption, to get an unsecured loan for a large sum of money through a bank, you'd likely have to have excellent credit with substantial assests. People like that generally aren't going to default on their obligations, thus the bank is more willing to loan them money unsecured.<br><br>
Otherwise, I'd venture to guess people are borrowing against equity in their home or a paid off vehicle or putting up retirement or savings accounts as collateral. In those cases, if you default, they can take whatever collateral you agreed upon when the loan was made.
 

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Discussion Starter #3
So then, they just do the loan the right way to start, rather than repo the child! Thats good to know! I was really wondering about that!<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile">
 
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