Fighting Over Foreclosure Notices

Legislation to cut back on the number and length of home foreclosure legal notices now required in Tennessee is being pushed by bankers who stand to save money if the bill passes and opposed by newspapers that stand to lose money.
While that is clear, the two sides – both aided by a contingent of lobbyists – clashed sharply over whether the proposed change would benefit financially strapped homeowners and the general public as the bill advanced in the House last week.
As drafted and introduced at the behest of the Tennessee Bankers Association, HB1920 would require that just one notice of a pending foreclosure be published in a newspaper based in the county where the property is located.
Current law requires three notices. That has been the case for more than 125 years in Tennessee, according to Steve Baker, a Nashville foreclosure attorney who testified before committee in support of sticking with the “tried and true” three-time publication rule.
The bill was amended in committee last week to set the number of required notices at two, a move that sponsor Rep. Jimmy Matlock, R-Lenoir City, characterized as “compromising with ourselves.”
The full News Sentinel story is HERE.

2 thoughts on “Fighting Over Foreclosure Notices

  1. SmithCo Conservative

    Yes, two is enough. When a borrower enters into a contract with a lender, they are aware that they are required to pay their note every month. If they don’t pay as agreed, lenders should not have to jump through hoops to reclaim the property. What is so complicated about this?

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