When can a Tennessee lender get a deficiency judgment?

Deficiency judgments in TN have become a hot topic in recent years.  Many people in Tennessee cannot afford to pay their mortgages so they are being forced to give up their homes to be sold so that the amount received for the home can go to paying off what the individual owes the lender.  But what about when this amount is not enough to totally pay off what is owed to the lender?  Often the result is a deficiency judgment.

A deficiency judgment is when the individual is obligated to pay the difference between how much the Tennessee property was sold for and how much their total indebtedness was.  This is just the lender trying to get all the money that was owed to them. 

And to answer the question of when a Tennessee lender can get a deficiency judgment, they can do so any time a foreclosure property is sold for less than the amount that is owed.  It's as simple as that.  Any time a property in Tennessee is in foreclosure and the lender does not fully recoup the amount they are owed there can be a deficiency judgment for the difference.

If you are facing a deficiency judgment in Tennessee or even the possibility of a deficiency judgment then you will need a Tennessee real estate attorney.  When you have an expert on your side then you can look at all the possible courses of action that you could take to avoid deficiency judgment or even to avoid foreclosure and pick the route that is best for you.