Most often, a property is foreclosed in Tennessee without judicial involvement. Most mortgages contain power of sale clauses which allow lenders to foreclose on properties without suing borrowers in court. In order to conduct this type of non judicial foreclosure, the lender must provide the borrower and the public with the notice required in the mortgage agreement or by state law. Further, the lender must conduct the sale in accordance with the terms of the mortgage agreement or state law.
If the mortgage agreement does not contain a power of sale clause then the lender must go to court and request that a decree of foreclosure be issued. Then the lender must follow the public notice and sale terms set forth by the court and state law.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.