Posted on Wednesday, 18th August 2010 by Christopher Allen
The Tennessee Bar Association has set up a special committee to examine the foreclosure process. Foreclosure rates in Middle Tennessee have been falling since March, according to data from California-based CoreLogic, but were still 1.39 percent in June — up from 1 percent the year before. The statewide foreclosure rate was 1.44 percent in June. Nationally, it was 3.06 percent. The TBA announced today that its committee hopes to streamline the foreclosure process in order to save money for banks while still protecting homeowners. Chattanooga lawyer Hal North, of the firm Chambliss, Bahner & Stophel PC, chairs the committee, which includes Nashville lawyers Bob Goodrich of Stites & Harbison PLLC, Alisa Peters of Burr & Forman LLP and Brooks Smith of Bradley Arant Boult Cummings LLP, and Franklin lawyer Ernie Williams with Williams & Schwalb PLLC.
The committee can be contacted at foreclosure@tnbar.org.
From a TBA news release:
Amid the continuing wave of home loan defaults, foreclosure procedure in Tennessee is getting a fresh look by the Tennessee Bar Association.The committee held its first organizational meeting last week and plans to meet monthly during the fall. It is composed of a balanced group of lawyers who represent banks, consumers, lenders and those who deal with bankruptcies, and is an outgrowth of legislative attention — arising from the mortgage crisis — to the procedures employed when homeowners default on paying their loans.In Tennessee, foreclosures are rarely handled through the court system, but routinely are carried out by trustees for the lender. After a homeowner becomes in default, the lender is required to give notice that it intends to proceed with foreclosure. The lender must publish a notice of foreclosure at least three times, within 20 days, before the foreclosure sale. The lender may bid in the amount of its debt at the foreclosure sale, and if the bid amount is less than the amount of the debt, the lender may pursue the collection of a deficiency balance against the homeowner. If the lender is the successful bidder at the foreclosure sale, it becomes the legal owner of the property, and may then proceed to resell the property. “We can’t do anything to put more money in the hands of consumers so they can pay their loans,” said TBA President Sam Elliott, “but we can work to ensure the process protects consumers and lenders, and works as efficiently and effectively as it can to obtain the best results for all involved.”The committee is chaired by Hal North, a shareholder with Chambliss, Bahner & Stophel PC. Other members include:Mary Aronov with Baker, Donelson, Bearman, Caldwell & Berkowitz PC (Memphis)Sam Blaiss, Attorney at Law (Memphis)Bob Goodrich with Stites & Harbison PLLC (Nashville)Joe Kirkland with Kirkland Rothman-Branning & Associates PLLC (Memphis)Greg Logue with Woolf, McClane, Bright, Allen & Carpenter PLLC (Knoxville)Alisa Peters with Burr & Forman LLP (Nashville)Mark Rosser with First American Title Insurance Company (Knoxville)Brooks Smith with Bradley Arant Boult Cummings LLP (Nashville)Ernie Williams with Williams & Schwalb PLLC (Franklin)Mike Williamson with the Williamson Law Office (Clarksville)Terry Woods with Legal Aid of East Tennessee (Knoxville)
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Tags: Bar Association, Foreclosure Process, Process, Tennessee Bar Association
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