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Helping good people through bad times

Mortgage debt may be on the rise

Getting into the housing market can be the dream of many Tennessee residents. It can take years for a person to save enough money to put down on a home, and once they are able to secure a mortgage they must find a way to pay the monthly bills that arrive so that they are not evicted. While some individuals are able to stay ahead of their mortgage payments, others are sent off course by unexpected bills and other financial struggles.

One financial entity believes that mortgage delinquencies and debt may be about to climb. There are two reasons that this expectation is on the horizon. The first is that the standards that apply to underwriting mortgages are about to ease, which means that more potentially unqualified individuals may get into mortgage agreements that they are not prepared to pay off.

The other reason that individuals may find themselves in mortgage debt is that housing prices are not climbing the way that they have before. Home appreciation is slowing, and therefore the rate of profit individuals would see from selling their homes is down. Mortgage debt can be a big problem for Tennessee families that are concerned about what may happen if they fall behind on their home payments.

Any debt can cripple the finances of a family and can cause significant stress on the individual members' lives. Readers who are struggling with mortgage debt, medical debt, credit card debt, or others may wish to take the proactive step toward getting help from a professional. An attorney who works in the debt relief and bankruptcy field may be able to serve the interests of their clients and help them down the path toward financial stability.

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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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