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Massachusetts in top five delinquent loan ranking for September

When someone has a significant debt burden, that person may feel inundated by lenders and repayment plans. Oftentimes a payment may be difficult to make because of income constraints and high monthly bills. In Massachusetts, someone who is seriously delinquent on their loan may face harassing creditors. This can hamper both quality of life and financial freedom. For those who are seeking debt relief needs, bankruptcy can be an option to consider, especially when delinquent mortgage loan rates rank high in Massachusetts.

For the month of September, mortgage loan delinquency decreased across the United States, but Massachusetts still ranked in the top five highest for seriously delinquent loans, which is defined as 90 days or more overdue. The total amount of those who were seriously delinquent was 1.1 million. Of those, 3.3 percent, or roughly 36,000, were in Massachusetts. Massachusetts ranked fifth highest on the list of seriously delinquent loans for September. The top state was Mississippi with 5.3 percent.

Being late on payment could be a sign of financial stress. One option to consider when delinquent on loan payments is bankruptcy, which can provide steps to help you keep your home. A fresh start can help discharge debt, pay off lenders and get someone back on their feet. Filing for bankruptcy could be the fresh start that is needed for burdensome loans.

Getting help when you need it is important, especially if you are struggling with mortgage payments or other consumer debt. Debt relief can be complicated, but getting the right information about your options is the first step to take for a new start.

Source: DSNews.com, "Foreclosure Inventory, Delinquencies See Declines in September," Brian Honea, Oct. 24, 2014

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