Do you have a Nashville Tennessee house that’s in foreclosure right now? Many people going through the Tennessee foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in Nashville? – How it works
There are a lot of people in Nashville who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few things that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank. Call with updates and show them what you’re doing to get your property sold. Keeping an open line of communication is absolutely key
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Nashville house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Nashville and the whole state of Tennessee get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Nashville, we can help you.
We buy properties like yours from people who need to sell fast.
Give us a call at (270) 226-9000 anytime
or fill out the form over here today! >>
Take a look below for a general overview of the foreclosure process in Tennessee:
In Tennessee, the foreclosure process is typically non-judicial, meaning it does not usually go through the court system. Here’s a general overview of how it works:
1. Default
-
The process begins when a borrower misses mortgage payments, usually for 90 days or more.
-
The lender will send late notices and may contact the borrower to try to resolve the issue before starting foreclosure.
2. Notice of Default and Acceleration
-
If the borrower doesn’t catch up on payments, the lender may accelerate the loan (demand full payment of the balance) and prepare to foreclose.
-
A Notice of Default may or may not be required, depending on the loan agreement.
3. Notice of Foreclosure Sale
-
Tennessee law requires the lender to publish a Notice of Trustee’s Sale in a newspaper at least three times over 20 days, with the first publication at least 20 days before the sale.
-
The notice must also be mailed to the borrower and any other parties with a legal interest in the property.
4. Foreclosure Sale (Trustee’s Sale)
-
The property is sold at public auction to the highest bidder, usually on the courthouse steps.
-
The winning bidder must typically pay in cash or certified funds.
-
If no one bids, the lender may take ownership of the property (called REO – Real Estate Owned).
5. Right of Redemption
-
Tennessee does not have a statutory right of redemption after a non-judicial foreclosure. Once the sale is final, the borrower usually cannot reclaim the property.
6. Eviction
-
If the former homeowner hasn’t already left, the new owner (lender or third party) must go through the court eviction process to remove any occupants.
Other Important Notes:
-
Judicial foreclosures can happen in rare cases (like certain reverse mortgages or disputed titles).
-
Deficiency judgments (where the lender sues the borrower for any remaining loan balance after the sale) are allowed in TN, but the lender must file a court case.
If you’re ready to be done with your house and sell it FAST, give us a call today!