I hate to say I told you so.  But…..I told you so.

The Tennessee Bankers Association having just been victorious in creating a “work around” for that nasty “gotta tell the borrower we’ll likely foreclose you” statute,  now want to reduce public notice to one (yes, 1) publication.  Why?  It’s just too costly!!!!!

Tennessee has one of the easiest and quickest foreclosure processes in the entire United States.  You run the notice in a paper “of general circulation” in the county where the property is located 3 times, beginning 21 days out and boom:  Foreclosure Day arrives.  Last year, the Tennessee legislature thought the process was moving way too fast so they passed a requirement that a borrower be given a 60 day notice that the bank can foreclose the lien if the payments are not current.  That statutorily prescribed notice only need be given once a year.

As noted above, less than a year later, the Tennessee Bankers Association convinced 100% of our lawmakers that the requirement was too onerous. If you’ve had your home foreclosed you probably disagree.  I’ve represented thousands of people facing foreclosure prior to the 60 day notice.  It was simply a good rule.

Now, the legislature is being asked for one more bit of the apple.  “Can you just take away that pesky requirement to give public notice 3 times?  After all, we are only taking away someone’s home.”  (I’m not sure the TBA worded their request exactly this way, but you get the point.)

Why, tell me why, as quickly as we strip families of their home in Tennessee, do we want to make it easier?

In the overall scheme of things is the $600 to $800 for the two additional publications not covered by the fees and interest charged by the banks?

I’d love to hear your comments below.  I’m I just way off base here?

If you want to contact your representative there’s still time. After clearing a house subcommittee, it’s slowly making its way to the house floor.

You can find contact info on your senator here and your representative here.

If you are facing foreclosure, I can help.  A Chapter 13 bankruptcy can allow you to make up the back payments on your house over 3 to 5 years.  This way it’s manageable.  If you want to explore your options contact me for a free consultation at 865-246-1050.