Memphis Foreclosure Laws & Lawyers

nfortunately, Memphis foreclosures are among the highest in the country for the biggest metro areas.  In fact, Memphis foreclosure rates are the 18th highest in the nation, with 3.21 percent of the area’s homes filing for foreclosure last year.  Memphis has historically experienced high levels of unemployment and poverty, especially during a national recession.  With so many marginal borrowers on the verge of financial breakdown, that translates into a higher than average foreclosure rate during hard economic times.

Memphis Foreclosure Laws

Memphis foreclosure laws are set by the State of Tennessee legislature.  Tennessee foreclosure laws allow both Mortgage and Deed of Trust documents as the primary security deed.  Both judicial and non-judicial foreclosures are allowed, with non-judicial bypassing the court process with a Power of Sale clause in the security document. 

Here are Memphis foreclosure laws binded by the State of Tennessee:

How Foreclosure Lawyers Can Help

Memphis foreclosures are avoidable.  A homeowner who is feeling financial hardship should always first contact their mortgage lender and discuss their financial difficulty and possible loan negotiations.  If the lender is unwilling to work with the borrower or is unresponsive, they may move forward with a foreclosure if the borrower goes into default.

That is the time to contact a qualified foreclosure lawyer.  Attorneys who are certified in the Memphis foreclosure process can usually provide a free consultation to discuss the case and determine potential solutions.

A foreclosure lawyer will work directly with the lender to hold off further foreclosure action and find a way to reverse the foreclosure process.  This may be done with a loan work-out or modification.  In a loan modification, the lender agrees to change one or more of the mortgage terms in order to help the borrower make the regular payments and avoid an expensive foreclosure.  The interest rate may be reduced, the length of the loan may be extended, and even a moratorium on monthly payments may be an option to avoid foreclosure, depending on the borrower’s situation and the flexibility of the lender.  A foreclosure lawyer will be able to find the right solution for both parties.

Seeking Foreclosure Help in Memphis

The numbers are clear: Memphis foreclosures are among the highest in the nation.  With no improvement for the national recession in sight, it is likely that the numbers will continue to rise before Memphis foreclosures begin to fade. 

There are many available options for foreclosure help in Memphis. Among them are Shelby County court aid and advice and the Memphis Housing Counseling Network. The best help can most likely result from one-on-one help from a certified Memphis foreclosure lawyer.  With a free consultation, a borrower or homeowner can determine if professional help may be the best option to stop foreclosure.

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