Tennessee Foreclosures and Foreclosed Homes for Sale

The foreclosure process in Tennessee is usually quick, due to the commonality of non-judicial foreclosures. Most mortgages in the state contain power-of-sale clauses, authorizing the lender to foreclose on the property if the borrower is in default on a loan. Since the lender has the ability to begin the foreclosure process as soon as the borrower defaults, most foreclosures in Tennessee take only two months to complete.

While the lender may begin the process as soon as the borrower defaults, and may schedule the public sale date and begin advertising the sale, the borrower has the right to stop the foreclosure at any time prior to the auction date by paying the default amount in full, plus any miscellaneous fees as determined by the lender.

Many Tennessee mortgages contain provisions about public sales. If there are any stipulations specifying the time, place, and terms of sale, Tennessee law requires they be stringently followed. In most instances, the notice of sale must list a property description, as well as any other information pertinent to the auction. In addition, it must also list all liens on the property. This notice must appear in a local newspaper at least three times, starting no less than 20 days prior to the auction date.

The auction will be held on the scheduled date between 10:00 a.m. and 4:00 p.m. A trustee will preside over the sale, with the property going to the highest bidder, who must pay the full purchase price immediately. The trustee will then transfer ownership to the winner. In the majority of cases, the previous borrower's right to redemption is terminated at this time, although this may vary. .

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