Arlington, TN asked in Consumer Law, Foreclosure and Collections for Tennessee

Q: My home in Missouri was foreclosed on in 2013. I had a 1st & 2nd on it. Can the 2nd sue me in 2019 in Tennessee?

Foreclosed Oct 2013. Am I protected by Tenn. Code Ann. § 35-5-118? 2 years vs 6 years?

1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered
  • Knoxville, TN
  • Licensed in Tennessee

A: Usually the Deficiency Suit will be barred after two years from the Foreclosure Sale, as it is the earliest SOL. Rarely will a Noteholder wait almost six years to Foreclose and then sue upon the remaining Note Indebtedness. Hopefully Tennessee Law applies to your Second Note, which is itself not destroyed by the Foreclosure of the First Trust Deed as the Second Trust Deed is. You can argue this Defense in a Tennessee Court but the Noteholder will assert Missouri Law applies in this Case or whatever the Note Terms say. Hire a competent Attorney now if you have been served or even had a Suit threatened. The Note and Deed of Trust are two separate contractual instruments.

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