Murfreesboro Foreclosure Lawyers

Find the right Foreclosure attorney in Murfreesboro, TN

Foreclosure Law in Tennessee

In Murfreesboro, Tennessee is a process authorizing a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks typically want sell the property quickly, for as much money as possible.

In every state, including Tennessee, homeowners have the option to go through what is known as a foreclosure by judicial sale. Essentially, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Essentially, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Murfreesboro, Tennessee

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

You should remember that the bank doesn't really want your house. They approved a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

Some buyers in Tennessee, when none of the above options have worked, resort to a "short sale." This includes selling a house which is about to be foreclosed, typically for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Murfreesboro, Tennessee real estate attorney help?

If you feel that your home is close to being foreclosed in Murfreesboro, Tennessee, and want to try to prevent this, the advice and assistance of an efficient real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Murfreesboro

Murfreesboro is located in Rutherford County, Tennessee. It has a population of around 108,800 people. Some see the city as a suburb of Nashville, which is 35 miles from Murfreesboro. The city is well-known in Tennessee because it is home to Middle Tennessee State University. The university is the largest undergraduate university in the state!

Popular sites include the Discovery Center at Murfree Spring, Oaklands Historic House Museum, Stones River Greenway Arboretum, and Stones River National Battlefield.

Top employers include MAHLE Tennex, General Mills, Verizon Wireless, and Johnson Controls, Inc.

The city is also home to many well-established law offices and small firms that train excellent attorneys to handle any and every legal need.

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