Tennessee Legislature Advances Foreclosure Notice Reduction Bill

Tennessee Legislature Advances Foreclosure Notice Reduction BillThe Tennessee House of Representatives recently passed a bill with a large amount support that would reduce the number of foreclosure notices mortgage lenders have to publish in local newspapers, according to a report from The Associated Press. The bill will cut the number of notices that must be published from three to two, and will also cut the amount of information required in those alerts by about 25 percent.

[Resource: Misconceptions May Keep Homeowners From Getting Low-rate Refiโ€™s]

Supporters say that ostensibly, the plan will save money for local newspapers, and make the notifications clearer for consumers, the report said. However, those who voted against the bill say the measure wonโ€™t necessarily be of assistance to many in their constituency.

โ€œHow much can these people actually save by doing this, as opposed to the employee that might be lost at one of these little newspapers,โ€ Rep. Curtis Halford of Dyer, who voted against the bill, told the news agency. โ€œIt goes to the quality of life in my community.โ€

[Credit Card Reviews: Credit Cards to Help You Save Money on Gas]

Though many aspects of the economy continue to improve, recent studies have highlighted that the improvements in nationwide foreclosure rates are largely the result of slower filing processes, rather than fewer home loan delinquencies.

Get matched with a personal loan thatโ€™s right for you today.
Learn more

You Might Also Like

Learn more about credit union mortgage options. Use this credit u... Read More

December 13, 2023

Mortgages

A white one story house sits on a green lawn with a "for sale" sign in front.
Are you ready to buy a home? Itโ€™s an excitingโ€”and stressful๏ฟฝ... Read More

June 7, 2021

Mortgages

multicolored house made of money with path of penny to illustrate second chance loans
Brenda Woods didnโ€™t want to move and leave the garden she h... Read More

December 15, 2020

Mortgages