Tennessee Foreclosure Help – Stop Foreclosure in Tennessee

 


Finding Foreclosure Help in Tennessee

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Knoxville Field Office

US Department of Housing and Urban Development
John J. Duncan Federal Building
710 Locust Street, Third Floor
Knoxville, TN 37902-2526

Phone: (865) 545-4370

Fax: (865) 545-4569

TTY: (865) 545-4559

Jurisdiction: Anderson, Bledsoe, Blount, Bradley, Campbell, Carter, Claiborne, Cocke, Cumberland, Fentress, Grainger, Greene, Grundy, Hamblen, Hamilton, Hancock, Hawkins, Jefferson, Johnson, Knox, Loudon, McMinn, Marion, Meigs, Monroe, Morgan, Pickett, Polk, Roane, Scott, Sequatchie, Sevier, Sullivan, Unicoi, Union

Mary Wilson
Acting Field Office Director

Office Hours: 7:30 a.m. to 4:15 p.m.
Monday through Friday

Memphis Field Office

200 Jefferson Suite 300
Memphis, TN 38103

Phone: (901) 544-3367

Fax: (901) 544-3697

TTY: (800) 855-1155

Jurisdiction: Benton, Carroll, Chester, Crockett, Decatur, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, Lauderdale, Madison, McNairy, Obion, Shelby, Tipton, Weakley

John Gemmill
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Nashville Field Office

235 Cumberland Bend Suite 200
Nashville, TN 37228-1803

Phone: (615) 736-5600

Fax: (615) 736-7848

TTY: (866) 503-0264

Jurisdiction: Bedford, Cannon, Cheatham, Clay, Coffee, Davidson, De Kalb, Dickson, Franklin, Giles, Hickman, Houston, Humphreys, Jackson, Lawrence, Lewis, Lincoln, Macon, Marshall, Maury, Montgomery, Moore, Overton, Perry, Putnam, Robertson, Rutherford, Smith, Stewart, Sumner, Trousdale, Van Buren, Warren, Wayne, White, Williamson, Wilson

William (Bill) H. Dirl
Field Office Director

Office Hours: 7:45 a.m. to 4:15 p.m.
Monday through Friday

Tennessee Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 60 days.
  • The borrower has rights of redemption.
  • The lender may sue for deficiency judgements.

In Tennessee, the lenders may use the judicial or the non-judicial process of foreclosing mortgages and deeds of trust found in default.

Judicial Foreclosure

The judicial foreclosure process is done if there is not power of sale in the mortgage. In this process, the lender must file a lawsuit to obtain a court order. The court allows the borrower to pay for his debt within a specific period of time. Unless the borrower has settle his debt, the property will then be sold to the highest bidder.

Non-Judicial Foreclosure
The power of sale clause can be present in a mortgage. If it is, the non-judicial foreclosure process is done. This means that the borrower has already given the lender a right to sell the property in cases of the mortgage being in default. Both the lender and the trustee have the rights to hold the sale of the property to the highest bidder.

Power of Sale Foreclosure Guidelines
These must be followed when proceeding with the sale of property if the sale does not have the details of the sale.

  1. The notice of sale should be sent to the borrower no later than 20 days before the selling date.
  2. It should also be published in three different newspapers in the county. This should also be posted no later than 20 days from the date of sale.
  3. If there is no newspaper, the notice should be posted in 5 public places including the courthouse. This must be done 30 days before the date of sale.
  4. The sale must be in between 10 am to 4pm of the date of sale. This must be paid in cash by the highest bidder in the auction.
  5. The sheriff is the person responsible for setting the minimum price for bidding. The amount must be 50% or more than the value of the property.

Borrowers have two years to redeem the property. If this expires, the bidder is given a certificate of sale and full ownership. Lenders can also file deficiency judgement.