brand brand
Helping good people through bad times
Local:423-954-7180
Local:423-954-7180

Understand foreclosure before it becomes a problem

Paying off one's mortgage is often one of the biggest monthly expenses that a Chattanooga resident confronts. When compared to other fixed costs, such as those associated with utilities, car payments and food, a mortgage can dwarf other payments in outgoing expense. However, when a consumer makes complete and timely payments toward their mortgage they get closer and closer to owning their home outright.

That is because a mortgage is a loan on the home the consumer lives in. Most people cannot afford to pay cash for residential properties and as such they take out mortgages with lenders for the often high balances they have on their properties. Mortgages are often structured to be paid off over the course of one to three decades.

When a consumer fails to make timely and complete mortgage payments they can confront an often dreaded legal process: foreclosure. Foreclosure involves the taking back of a property from a consumer by the lender who secured their mortgage. Lenders do not want to be on the hook for thousands of dollars in unpaid mortgages and therefore they reclaim properties to resell to recoup their losses.

Consumers have options for avoiding foreclosure through different debt relief strategies. They may also benefit from talking through their bankruptcy options with attorneys who practice in that particular area of the law. However, it is often beneficial to consumers facing foreclosure to address their legal problems early in in the process. Proactive measures can help individuals stay in their homes and individuals who need help understanding and stopping foreclosure proceedings against their properties can benefit from seeking professional legal assistance.

No Comments

Leave a comment
Comment Information

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
Chattanooga Law Office Map