Deficiency Judgement Time Limits - TN

[Choven1218]

What is the name of your state (only U.S. law)? Tennessee

My home was sold at auction "To the Beneficiary" for the entire amount that I owe. This happened in early december. The Subtrustee Deed was filed with the county in January. If the bank pursues a deficiency judgement, must they do so within a certain time limit? And if a time limit exists, does this time start at the date of the auction, at the date of the Subtrustee date, or when the bank sells the home and I'm no longer listed as "owner" of the property in the County Records? Thanks...

 

[FlyingRon]

The law changed effective Jun 2010. If you were foreclosed on after this, then they have two years only to pursue the deficiency. THe FMV is presumed to be the bid price at the time of the sale (unless you can show it should have been higher). Only the difference is allowed to be sued for. Most banks tend to bid what they have in the property, so you may not have a deficiency at all.