• Memphis Foreclosure Attorneys

    What is foreclosure?

    When a borrower can no longer make payments on his or her property, the lender might try to take ownership of the property in question.  This legal process is called foreclosure.  A foreclosure terminates the rights of the owner to a property, and usually involves a public sale of the property. 

    The primary method of foreclosure in Tennessee is non-judicial foreclosure.  A non-judicial foreclosure usually proceeds much faster than a judicial foreclosure because the court is not involved.  First, the lender mails the property owner a letter of loan default, and a Notice of Default is also recorded with the state.  If the debtor does not pay the debt, a Notice of Sale is published in the local newspaper and the debtor has 20 days to save the mortgage.  If the debtor still cannot rectify the debt, the property is sold at a public auction.

    Why do foreclosures happen?

    Foreclosures do not only happen to people who are financially irresponsible.  Many unforeseeable circumstances could cause anyone to default on his or her mortgage, such as the following:

    • Job loss.  Being laid off from work can cause many families to have immediate troubles paying the mortgage.
    • Medical emergency.  Health problems can cause lost wages, medical bills, and long-term disabilities.  If a family does not have proper health insurance, medical emergencies can quickly force homeowners into foreclosure.
    • Divorce.  A divorce can be financially draining, causing the separating couple to fall behind on mortgage payments. 

    If you are facing foreclosure, it is important to remember that you have options.  The following is a list of some possible solutions to foreclosure:

    • Pay your loan.  This is the simplest option.  If you do not have the savings to make the full payments, you can try borrowing from family or friends.
    • Loan modification.  Try to speak with your lender about modifying your loan payments so that they are more affordable. 
    • Refinancing.  This is the process of taking out a new mortgage and using it to pay off an existing mortgage.  It potentially allows you to save money and take advantage of low interest rates.
    • Filing for bankruptcy. Sometimes filing for bankruptcy is the best way for debtors to hold onto their property.

    A qualified Memphis foreclosure attorney can help you decide which option is best for you.

    Call 1-901-620-6347 for foreclosure attorneys in Memphis.

    The Law Office of Ben G. Sissman represents clients from Memphis and surrounding counties north to the border: Shelby, Fayette, Tipton, Haywood, Lauderdale, Crockett, Dyer, Obion, Lake, and Gibson.  For effective legal guidance, contact our Memphis foreclosure law firm today.

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