Robert is a broker-in-charge at a Tennessee real estate firm. A client asks him whether Tennessee requires court involvement to complete a foreclosure when the deed of trust contains a power of sale clause. Robert correctly explains that Tennessee's non-judicial foreclosure process is governed by statute. Which of the following statements accurately describes a key requirement of that statute?
Correct Answer
B) The trustee must provide 20 days written notice to the borrower and publish notice for three consecutive weeks before the sale.
Under Tenn. Code Ann. § 35-5-101, Tennessee's non-judicial foreclosure statute requires the trustee to provide at least 20 days written notice to the borrower AND publish notice of the sale in a local newspaper for three consecutive weeks. These are the two primary procedural requirements that must be met before a non-judicial foreclosure sale can be conducted.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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