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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must publish notice 20 days before sale or post notice 30 days before sale, and send notice to homeowner, by registered mail, before first publication. |
| Reinstatement of loan before sale | No |
| Redemption after sale | Judicial: allowed for up to two years after sale, unless redemption period is waived in mortgage |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Tenn. Code Ann. § 26-1-111 |
| Deficiency judgments | Allowed |
| Cash exempted in bankruptcy | $4,000 for one person, $8,000 for a married couple |
| Notice to leave after house is sold | New owner may file forcible entry and detainer lawsuit, which involves serving a warrant on the occupant, trial within six days after service, and an immediate writ of possession ordering sheriff to evict occupant. Former owner may also be evicted through “ejectment” procedure, which takes longer. |
| Foreclosure statutes | Tenn. Code Ann. §§ 35-5-101 to 35-5-111, 66-8-101 to 66-8-102 |