Tennessee
Tennessee Code § 35-5-101. Non-Judicial foreclosure state.
Judicial Type
Non-Judicial
Redemption
No statutory right of redemption after non-judicial foreclos
Deficiency
Lender may pursue deficiency. The deficiency is debt − sale
Mediation
No mandatory statewide program.
Statute Citation
Tenn. Code Ann. §§ 35-5-101 to 35-5-118
Redemption Period
No statutory right of redemption after non-judicial foreclosure. The sale is final. Note: Tennessee has a 2-year equity of redemption for judicial foreclosures, but non-judicial (which is standard) has no redemption.
Deficiency Judgment Rule
Lender may pursue deficiency. The deficiency is debt − sale price. No fair value limitation — the actual sale price controls. However, the lender must seek deficiency in a separate lawsuit within 6 years.
Notice Requirements
Notice of trustee sale published 3 times — first publication at least 20 days before sale. Notice mailed to borrower at least 20 days before sale (Tenn. Code Ann. § 35-5-101).
Mediation Program
No mandatory statewide program.
Key Provisions
- Non-judicial foreclosure under power of sale
- Notice published and mailed 20 days before sale
- No post-sale redemption
- No fair value limitation on deficiency
Homeowner Protections
- Notice requirements provide some advance warning
- Borrower may negotiate a cash-for-keys or deed-in-lieu before sale
- Strict compliance with deed of trust terms required
Frequently Asked Questions
How fast can the lender foreclose in Tennessee?+
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