Real Estate Law
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This is difficult to handicap with the very limited facts provided. Nonetheless, most Tennessee foreclosures occur outside of the court system. Therefore, the process is much quicker than other states that follow judicial foreclosures.
In Tennessee, court foreclosures are very rare. Out-of-court proceedings are customary and occur when a clause exists in a mortgage or deed of trust that authorizes the lender to sell the property if the borrower defaults. Once the borrower defaults on the payment, the trustee assigned in the deed of trust has the authority to begin the foreclosure process and advertise the property for sale. The borrower may stop the foreclosure process prior to the sale by paying the total amount owed plus any applicable fees. The typical foreclosure timeline is approximately two months.
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