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Michael Gonzalez
Michael Gonzalez, Lawyer
Category: Real Estate Law
Satisfied Customers: 520
Experience:  Managing Member at Perez-Mena & Gonzalez, LLC
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I live in Tennessee. If i stopped paying my mortgage about

Customer Question

I live in Tennessee. If i stopped paying my mortgage about how long would I be able to stay in my home?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Michael Gonzalez replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

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.

Expert:  Michael Gonzalez replied 1 year ago.

Please accept my answer so that I may be credited.

Thanks and good luck to you.