Having a considerable amount of debt from taking out loans or other types of situations can sometimes become difficult for Tennessee residents to handle. As a result, they may fall behind on their payments and soon find themselves at risk of losing their property. If individuals are facing such circumstances, they may want to look into ways to protect property before they are in an even worse situation.
It was recently reported that individuals who had already lost their homes to foreclosure years ago are being contacted by agencies looking to collect on the unpaid debt. This situation could come as a surprise to parties who had already lost their homes and were working toward becoming more financially stable. However, banks may still follow through with deficiency judgments in order to get what they are owed.
This tactic is becoming more common because banks have been saddled with considerable fees and other expenses due to foreclosing on houses when the mortgages were not paid. Many individuals believe that parties who owe money should still be held accountable for those debts. Conversely, others think it is unseemly for banks to hound parties who may have just become more financially stable.
Many individuals may have been in situations in which their debt led to their property being at risk of repossession or foreclosure. However, it is important that individuals know that they could potentially be able to protect property from such actions. Tennessee residents who are burdened by significant debt may want to explore bankruptcy options and how such a filing may allow them to halt repossession and foreclosure attempts.
Source: CNBC, “Americans face post-foreclosure hell as wages garnished, assets seized“, Oct. 14, 2014