One of our Tennessee members recently submitted the following questions. Anyone with expertise in TN state law please help us out.
QUESTION: We would like clarification on some State & Federal Foreclosure Regulations to determine if we are following proper procedures for delinquent 1-4 family residential borrowers under the new RESPA Mortgage Servicing Final Rule that was effective January 10. We want to ensure our procedures are current and determine a time-frame for proceedings from first delinquency to foreclosure. We are prohibited from Sending 1st Notice unless the borrower is 120 days delinquent (12 CFR 1024.41 (f)(1)) – We would like to know if this refers to the notice in Tenn. Code Ann. § 35-5-101 and if not, what is the notice being referenced?