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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31685
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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WE are about to be foreclosed on in Tn. We own a rent house we are about to move into.we o

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WE are about to be foreclosed on in Tn. We own a rent house we are about to move into.we owe on the rent house too.we have a small business .we are not making ends meet but will without this big house.Can the bank take our Old house(rent house) or our business.We borrowed on the rent house to buy the land we bought for the new house.Will they get us if we take our appliances but leave the house in good shape.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney in Tennessee. Thanks for your question.

Tennessee law does allow lenders to seek and obtain a deficiency judgment against a borrower if the foreclosure sale doesn't generate enough money to pay off the loan balance.

Thus, your other property and assets are exposed to claims of creditors, and if the lender takes a deficiency judgment against you, it can seize and liquidate your property to satisfy the debt.

The only way to stop the lender from doing this is to pay the deficiency OR file bankruptcy and have the debt discharged as unsecured.

I hope this answers your question, but if you have others, please REPLY and I'll be glad to respond.
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Customer: replied 4 years ago.

do you know if they usually do this.and can we legally take our appliances out like just the ref.and stove.

Customer: replied 4 years ago.

It was in my question is it ok to take our stove and Ref.?

In this economy where deficiencies tend to be large, yes lender usually do seek a deficiency.

As for the appliances, you can remove them IF you put one in its place. The rule is if the house had an appliance when you bought it, then it would have to have one upon foreclosure.