If you find yourself in a situation where your property is at risk of foreclosure due to circumstances beyond your control, it is crucial to collaborate with your lender to find a resolution at the earliest possible stage. While the ideal scenario is to proactively address the issue with the lender, having a clear understanding of the foreclosure process can make the journey more manageable. Let’s delve into what homeowners in Tennessee, Tennessee can anticipate throughout the foreclosure process.
Default
Lenders understand that homeowners in Tennessee may go through temporary financial hardships, often having a grace period for these situations. However, suppose you’ve fallen behind and don’t see any options on the horizon. In that case, you can expect the lender to contact you in every way possible during the foreclosure process, attempting to work out a payment arrangement to avoid further action.
Notice of Default
Lenders will issue a notice of default to homeowners in Tennessee, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Tennessee who are facing foreclosure but have the ability to catch up on past due payments, including interest and penalties, have the option to halt the foreclosure process by collaborating with their lender to reinstate the mortgage. By doing so, they can then proceed with regular mortgage payments to maintain ownership of their property.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Tennessee can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
When facing foreclosure in Tennessee, the auction marks the final step for homeowners. The winning bidder at the auction is required to make an immediate payment for the property. In the event that the home does not sell at auction, it transitions into an REO (Real Estate Owned) property, reverting back to the lender. If you are still residing on the property, anticipate receiving an eviction notice from the buyer. In the case of an REO property, the lender may provide assistance with relocation by offering cash for keys to facilitate a smooth possession process.
Another Option
For homeowners in Tennessee facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Premise Home Solutions. When you contact Premise Home Solutions, our team will provide a detailed breakdown of expenses and potential profits from listing your property, along with insights into the average days on the Tennessee real estate market. Our experienced professionals will then present you with a transparent offer for purchasing your home directly, ensuring fairness and clarity throughout the process. Moreover, we commit to a guaranteed closing date, often within days, to streamline the transaction for your convenience. At Premise Home Solutions, we prioritize your understanding and satisfaction, striving to empower you to make well-informed decisions that align with your needs. As your local neighbors in Tennessee, we take pride in being part of this community and aim for you to feel confident and content with the transaction well beyond the closing date.
Premise Home Solutions
Selling directly to Premise Home Solutions can turn everything around for homeowners in Tennessee facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Premise Home Solutions is complete transparency and no pressure. And, to save you even more money, at Premise Home Solutions, we buy houses as-is for cash in Tennessee, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Premise Home Solutions, talk to us about the arrangements that would work best for you. Call Premise Home Solutions at 423-331-6110.