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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
Contents
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
Time
The time of sale shall be between the hours of 10 AM.
and 4 P.M. on the day specified in the foreclosure notice.
Place
The sale is made at the place specified in the
foreclosure notice, which is normally the courthouse door.
Manner
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. |
