A Tennessee trustee is about to conduct a non-judicial foreclosure sale on a property in Nashville. The borrower, Kevin, argues that the foreclosure is invalid because the trustee failed to publish notice in the newspaper for the full required period, publishing for only two weeks instead of three. The lender argues that Kevin received the required 20 days written notice, so the sale should proceed. Under Tennessee law, which outcome is most likely?
Correct Answer
C) The sale cannot proceed because both the 20-day written notice AND the three-week publication are mandatory requirements that must both be fully satisfied.
Under Tenn. Code Ann. § 35-5-101, Tennessee's non-judicial foreclosure process requires BOTH (1) a minimum of 20 days written notice to the borrower AND (2) publication in a local newspaper for three consecutive weeks. These are independent, mandatory requirements. Failure to complete the full three-week publication period renders the foreclosure procedurally defective, even if the 20-day written notice was properly given. Both requirements must be fully satisfied.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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.
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