Where to Find Foreclosure Opportunities in Tennessee!

The first stage in Tennessee is default. This technically occurs when the homeowner does not make the required mortgage payment by the due date. Most lenders do not consider a homeowner in default until they have gone 30 days without a payment. During this time, the lender will likely be in frequent contact with the homeowner.

After 90 days without a payment, most lenders will issue a notice of default. This is a legal notice to the homeowner that they have breached the mortgage (Deed of Trust) contract. At this point, most lenders will only accept a full payment of all missing payments and late fees.

If the homeowner owes more on his property than market value, the homeowner may attempt to sell the home as a short sale. Short sales are one opportunity to buy a home, but they are not as popular in Tennessee when compared to other states.

Short sales are frustrating to many buyers because of the extended time required to purchase a home and not knowing if the lender is going to accept the offer and close. The lender may decide to take less on the home than what is owed when approving a short sale. Many Tennessee short sales end in foreclosure.

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Click Here for More: 5 Stages of TN Foreclosures