18 Mar Mortgage Legislation introduced in Tennessee
Two bills have been introduced in the Tennessee legislature to modify some of the strictest foreclosure laws in the nation.
HB 0704 would require a mortgage counselor to be consulted before a borrower can complete an adjustable mortgage rate transaction.
HB 1443 would extend the time for a foreclosure notice, require that a notice be given to the borrower of foreclosure counseling and that mortgage loans be underwritten based on the ability of the borrower to repay the loan.
HB 2369 would extend the time for enforcement of breach of fiduciary duty claims against directors from one to three years and increase the statute of repose from three years to six years.
At present, Tennessee laws allow non-judicial foreclosures at one of the fastest paces in the nation. As a result, chapter 13 cases are filed in Tennessee at among the highest, if not the highest, rates in the country.
Bankruptcy Law Network readers from Tennessee should carefully monitor these legislative developments and support any and all efforts to reform Tennessee mortgage foreclosure law
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