A bill making its way through the Tennessee Legislature would give homeowners less advance warning before their homes are sold at a foreclosure auction.
State Sen. Jack Johnson, R-Franklin, and state Rep. Jimmy Matlock, R-Lenoir, have filed companion bills that would allow lenders to publish only one newspaper notice – instead of the current three – announcing that a mortgage is in default and a home is headed to the auction block.
The Tennessee House Judiciary Committee is scheduled to vote on the bill Tuesday.
Under the proposed legislation, a common description of the property wouldn’t be required to be included in the new notices. Also, any errors or “defects” in the new notices would not prevent the foreclosure sale from going forward.