Before conducting a non-judicial foreclosure sale in Tennessee, the trustee must publish a notice of the sale in a local newspaper. Under Tenn. Code Ann. § 35-5-101, for how many consecutive weeks must this notice be published?
Correct Answer
C) Three consecutive weeks, with the notice published once per week
Under Tenn. Code Ann. § 35-5-101, the trustee must publish the notice of the foreclosure sale in a newspaper of general circulation in the county where the property is located for three consecutive weeks. This publication requirement, combined with the 20-day written notice to the borrower, constitutes the required pre-sale notification process for non-judicial foreclosure in Tennessee.
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Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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