Tennessee Foreclosure Process

If you have started the Tennessee foreclosure process because you have missed monthly payments you do have an opportunity to save your home. You have about 6 to 9 months of opportunity to save your home.

When you miss your first monthly payment on your loan the lender may issue a notice of default. Some lenders may wait until you have missed two or three before they issue this. When this notice is sent out it doesn’t mean that you have lost your home but it means that the first step of the Tennessee foreclosure process has begun. From this date until the date of the sale is usually a minimum of 6 months in most cases. Some lenders can have a home sale sooner but usually it takes a minimum of 6 months.

The home sale will always be scheduled. You will receive a notification of the date, time and location of the public sale. You will have plenty of time to come up with the money to pay your loan and get it caught up to where you need to be. Don’t think that you can just make monthly payments and get caught up. You will need to keep in touch with the lender. If you just start sending in money and don’t talk to the lender then they may keep the sale date and still foreclose on your home. You have to work with the lender to stop the Tennessee foreclosure process. Make sure any agreements are in writing and don’t pay the bank any money until you have an agreement in writing that you can save your home from selling at the sale.

You can save your home from the Tennessee foreclosure process by coming up with the money you are behind on and the fees and penalties that the bank has attached to the loan. In most cases, you will need this in full. However today, banks are allowing people to start over and wiping clean missed monthly payments.

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