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What does foreclosure have to do with a home?

One of the biggest assets that a Tennessee resident may work toward owning is their own home. Buying a house where a person can live with their spouse and raise a family is a huge financial step for anyone who has struggled to pay their bills and save enough to make a down payment. Just getting into the housing market can seem like a major battle for some people; once in, though, homeowners face many challenges, some of which may threaten their rights to continue to own their properties.

Most people cannot buy real estate outright, and as such they secure mortgages to buy their homes. A mortgage is a loan for the purchase of a home and once a mortgage is approved a person generally must pay a certain sum of money to their mortgage holder each month in order to pay off the outstanding sum.

When a mortgage payer stays up to date on their obligation they may not encounter problems related to the ownership of their home. However, if they begin to fall behind on payments or cannot keep up with what they owe they may be subject to foreclosure. A foreclosure is the repossession of a home by the holder of the home's mortgage.

Generally banks and other lending institutions are the holders of mortgages, and if a mortgage payer stops making payments their lender may seek to take possession of the home and sell it to someone else in order to recoup their financial losses. When foreclosure starts it can be hard for individuals to stop without help.

Debt relief options exist for men and women who are fighting to keep their homes. The assistance of attorneys who practice debt relief and bankruptcy law can be important to those Tennessee residents who want to keep the homes they have worked to own.

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

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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