Tennessee Home Foreclosure Information

In Tennessee, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or nonjudicial foreclosure process.

Judicial Foreclosure

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, it will give him or her a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.

Nonjudicial Foreclosure

The nonjudicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of his or her default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or his or her representative, typically referred to as the trustee.

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