Know how Tennessee foreclosure laws will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of Tennessee foreclosure law. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: ForeclosureS.com provides the contact information for the Attorney General’s Office in Tennessee and links to specific legislation regarding foreclosure in Tennessee. In addition to a summary of Tennessee law, American Foreclosure Specialists provides a description of possible strategies for avoiding a foreclosure on your home.

Get assistance with Tennessee home foreclosure recovery information

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed.

I recommend: Consumer Credit Counseling Service offers an online tutorial through its CredabilityU website to help you keep your home, as well as many other financial tips. Visit the National Foundation For Credit Counseling’s Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options.

Retain one of many Tennessee foreclosure attorneys

If you sign documents, you may need a foreclosure attorney. Tennessee attorneys that do not handle foreclosure law may be able to make a referral.

I recommend: Roy C. Desha represents clients in credit and bankruptcy matters throughout central Tennessee. Michael J. Philbin in Nashville includes real estate law as a major part of his practice.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like "guarantee" and "97% success rate", upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission.  The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.