A student is studying Tennessee foreclosure law and makes a list of statements about non-judicial foreclosure in Tennessee. Which of the following statements is NOT accurate under Tennessee law?
Correct Answer
C) After a completed non-judicial foreclosure sale, the former borrower has a 6-month statutory right to redeem the property.
The statement that the former borrower has a 6-month statutory right of redemption after a non-judicial foreclosure sale is NOT accurate under Tennessee law. Tennessee does not provide any statutory right of redemption after a non-judicial foreclosure sale. Once the trustee's sale is complete, the borrower's rights to the property are extinguished. This is one of the most commonly tested distinctions in Tennessee foreclosure law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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