Nashville Foreclosure Laws & Lawyers

Though Nashville foreclosures are less than the national rate, the foreclosure statistics are not comforting.  New foreclosure filings were up 60% in March, 2009 from January of the same year.  The trend in late 2008 looked as if Nashville foreclosures would continue to drop.  However, the last two months of real estate statistical data showed a spike in new Nashville foreclosures for a total of almost 1,800 in the Nashville area.

Nashville Foreclosure Laws

Foreclosure laws in Nashville are set by the State of Tennessee.  Tennessee foreclosure laws allow both Mortgage and Deed of Trust documents as the primary security deed.  Judicial foreclosures are allowed, as well as non-judicial foreclosures if the security deed has a Power of Sale clause allowing a lender to forego the court process. 

Here are Nashville foreclosure laws binded by the state of Tennessee:

Nashville Foreclosure Timeline

In Nashville, the foreclosure process typically takes about 60 days from the time the lender notifies the county recorder of the default until the actual auction and sale of the property.  A lender must publicly proclaim that a property is in default of its loan with a Notice of Default recorded in the office of the county recorder.  A copy of the notice is also delivered to the borrower/property owner.  A reasonable time period is given for the borrower to cure the mortgage default which may vary from 30 days to 60 days. 

In a non-judicial foreclosure, if the default is not cured, the lender then proceeds to publish a notice of sale at least 20 days before the actual sale of the property in a local newspaper, and this notice must be published at least twice more before the sale. At the auction, the winning bidder is given a certificate of sale and may take the deed to the property after the right of redemption expires in two years. 

At any time within the two years after the sale, however, the borrower in default may fully reinstate and redeem the loan by paying all past due amounts, fees, and costs.

Seeking Foreclosure Help in Nashville

The statistics are clear: Nashville foreclosures are on the rise.  Any homeowner who is having trouble paying their regular monthly mortgage payment should contact their lender immediately to discuss their financial difficult and avoid the foreclosure process.

If foreclosure has already been put into motion, a borrower has the right to save his property, though the process is not easily accomplished alone.  With the help of a certified Nashville foreclosure lawyer, however, the foreclosure process may be able to be halted and stopped altogether.  A qualified foreclosure lawyer will usually provide a free consultation to discuss the case and determine if stopping your Nashville foreclosure is an option. 

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified
  
  Foreclosure Attorney in Nashville to see your best options you have available to avoid Foreclosure.