If you've received a notice of foreclosure and your house is scheduled for public auction in Knoxville, Knox County, or a nearby area like Anderson, Blount, or Sevier County, it's crucial to act quickly. Foreclosure can be a stressful and overwhelming process, but understanding your options is the first step toward finding a solution. This post outlines your potential next steps and how Tact Prudence can offer a unique path to avoid auction.

Understanding Foreclosure in Tennessee:

Tennessee is a non-judicial foreclosure state. This means that the lender can foreclose on your property without going to court. The process typically involves these steps:

1. Notice of Default: You'll receive a notice stating that you're behind on your mortgage payments.
2. Notice of Sale: After a certain period, you'll receive a notice of sale, which includes the date, time, and location of the public auction.
3. Public Auction: Your property will be sold to the highest bidder.

Your Options to Avoid Foreclosure:

• Reinstatement: Paying the past-due amount, plus any fees and penalties, to bring your mortgage current. You must do this before the auction.
• Forbearance: An agreement with your lender to temporarily reduce or suspend your mortgage payments. This is usually only an option if you have a temporary financial hardship.
• Loan Modification: A permanent change to the terms of your mortgage, such as a lower interest rate or extended repayment period.
• Short Sale: Selling your home for less than the amount you owe on your mortgage. The lender must approve this.
• Deed in Lieu of Foreclosure: Voluntarily transferring ownership of your property to the lender to avoid the foreclosure process.
• Bankruptcy: Filing for bankruptcy can temporarily stop the foreclosure process, but it has long-term consequences. You should consult with a bankruptcy attorney.
• Selling Your House Quickly: Selling the house before the auction date is a viable option. This allows you to control the sale and potentially retain some equity.

How Tact Prudence Can Help:

Tact Prudence offers a unique solution to avoid foreclosure: We can buy your house by paying off your mortgage. This allows you to avoid the public auction and the negative consequences of foreclosure. Here's how it works:

1. Contact Us: Reach out to Tact Prudence immediately. Time is of the essence. Call us at 865-272-2000.
2. Assessment: We'll assess your situation and determine the amount owed on your mortgage.
3. Offer: We'll make you a fair cash offer for your house, enough to cover your outstanding mortgage and any associated costs.
4. Quick Closing: We can close quickly, often within days, stopping the foreclosure auction.

Why Choose Tact Prudence?

• Avoid Public Auction: We can stop the foreclosure sale and protect your credit.
• Fast Solution: We provide a quick and efficient way to resolve your mortgage debt.
• Cash Offer: You receive a cash offer for your home.
• Peace of Mind: We handle the process, allowing you to move forward.

Important Considerations:

• Time is Critical: The closer you get to the auction date, the fewer options you have. Contact us immediately.
• Seek Professional Advice: Consult with a real estate attorney or financial advisor to understand all your options.

It's also a good idea to understand if you have to pay capital gains when you sell your house in Tennessee? And it's vital to know if you pay taxes to the IRS when you sell your house. Understanding your options for avoiding capital gains may also be relevant.

Don't face foreclosure alone. Contact Tact Prudence today at 865-272-2000 for a free consultation. We're here to help you find a solution.