Nashville-Davidson Tennessee Foreclosure Help, Defense, Laws and Process


Foreclosure of property has been on the rise due to the harsh economic environment. People have found themselves taking out subprime mortgages that end up causing their financial downfall. What’s worse, the main victims of subprime mortgages are the people with low credit scores. Mortgage help may seem to be the solution to home ownership but you need to take out the right kind of mortgage.

In Nashville-Davidson, Tennessee, government assistance is provided to help you deal with issues concerning foreclosure. The HUD- approved Housing Counselor is mandated to provide you with information concerning your rights and how to help you prevent foreclosure if and when possible. They can assist you to reinstate your loan in order to prevent foreclosure. They will help you find the best avenues to undertake and counsel you on your finances. Therefore, before going to private companies, know that government help is available to assist you free of charge.

If you are at risk of foreclosure or you suddenly find yourself unable to meet your financial obligations, you need to immediately contact your lender. Loan modification at this stage is highly likely. He may help you re-negotiate the terms of payment and help you prevent foreclosure.

Stop Foreclosure Nashville-Davidson, Tennessee

Foreclosure of property can happen to anyone. There are many reasons that can cause foreclosure. These reasons may be job loss, divorce, death, an increase to the mortgage interest rate, medical reasons etc. You need to note that acting quickly can help you save your home.

The following are guidelines’ to help you stop foreclosure in Nashville-Davidson, Tennessee:

  • If you can, file for bankruptcy. This will buy you time to gather resources to pay your loan
  • Do not ignore the problem. The longer you hold out the more expensive it gets for you especially if you have the loan reinstated.
  • Contact your lender as soon as possible. He may consider loan modification and help you re-negotiate the payment terms.
  • Acknowledge all notices sent to you. This may prove vital in helping you save your home.
  • Be aware of your mortgage rights. This information can be gathered from your government housing department. Do not let anyone take advantage of you.
  • Contact your HUD-approved Housing Counselor.
  • If you have valuable fixed assets, liquidate them. These assets can help you reinstate your loan.

Nashville-Davidson, Tennessee Foreclosure Process

Like most states in America, the Tennessee foreclosure is non-judicial. This process takes less than 2 months to be completed. Court action is not involved. The mortgage contract contains a power of sale clause which upon default the lender’s attorney is given power to foreclose the property. The judicial foreclosure happens if this clause is non-existent in the contract. The law states that the lender can sue the borrower in order to obtain the decree of foreclosure. The court then gives the borrower a set time to settle the default. If you fail to cure the default then the court orders the sale of the property.

The non-judicial foreclosure process takes place as follows:

  1. Notice of sale I published at least 3 times in the local newspaper with the first publication done at least 20 days before the sale.
  2. The sheriff holds the sale between the hours of 10:00 AM and 4:00 PM on a specified date.
  3. The law states that the redemption period be 2 years from the date of sale unless waived in the original deed of trust.

Avoidance of foreclosure is best. Prioritize your spending and if you have foreclosed your property, repair your credit as soon as possible.