Use these Tennessee foreclosure procedures to avoid or stop
home foreclosure.
Tennessee Code Annotated, Vol. 4, Sections 16-16-111,21-1-803,35-501 et seq., 66-9-101.
Judicial Foreclosure Available: Yes, (rarely used)
Non-judicial Foreclosure Available: Yes
In Tennessee, foreclosures are usually done under a deed of trust accompanied by a note. Regular mortgages requiring judicial foreclosure are seldom used.
Non-judicial Foreclosure
Non-judicial foreclosure is usually done under a deed of trust which has a power of sale provision. If the deed of trust lacks such a provision, then the borrower must file a lawsuit (bill in chancery) and undertake judicial foreclosure.
Preliminary Notices
The foreclosure notice should give the names of the borrower and lender, describe the property, give any street address and state the time and place of sale. Advertising The notice of foreclosure sale must be first published at least 20 days before the sale. The ad must be published three different times in a newspaper in the county where the land is located.
Sale Procedures
The time of sale shall be between the hours of 10 AM. and 4 P.M. on the day specified in the foreclosure notice.
The sale is made at the place specified in the foreclosure notice, which is normally the courthouse door.
The sale is for cash to the highest bidder.
Deficiency
A lender may seek a deficiency judgment against persons who assume debt.
Redemption
The redemption time period is two year The right of redemption can be waived in the original deed of trust.
Need a Lawyer? LegalMatch allows you to present
your case, and respond only to attorneys who want to help you.
It's Free
& Confidential - Click Here
If you've fallen behind on your bills, especially credit cards,
don't panic. You may have several good options available to you. Your success
starts by assessing your current situation and finding a trusted service
provider that is licensed in your state.
How iDebtAssistance.com
Works:
- Find Your Customized Debt Solution
- Get Matched to an Approved Service Provider
- Start Saving and Get Out of Debt
Rich's Enterprises, L.L.C.
Prattville, Alabama
Legal Disclaimer
| Sitemap