November 2013

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We’ve previously written about Tenn. Code Ann. § 35-5-118, which governs deficiency suits in Tennessee. As explained in that post, a lender is typically entitled to recover its full deficiency unless the foreclosure sales price was “materially less than the fair market value of the property”. Tenn. Code Ann. § 35-5-118. But what happens when the foreclosure and deficiency judgment are entered in another state, and the deficiency judgment is simply being collected in Tennessee? That was the issue that one Tennessee appellate court recently faced. (more…)