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When finances are tight, it is not unusual for Tennessee homeowners to miss a mortgage payment in order to pay their other bills. When this happens even once, some experience a snowball effect of trouble when the overdue payments become too much to catch up. Before long, the homeowner is receiving notices that the lender is beginning the foreclosure process. As soon as possible, the homeowner is wise to gather information about the options for foreclosure defense.

A lender will begin the foreclosure process after a homeowner has missed three to six months of mortgage payments. The foreclosure often takes several months or longer, so there is time to seek an alternate solution. However, if the homeowners are not able to resolve the situation, the lender will evict the homeowner and auction or sell the house to regain its losses.

For some Tennessee homeowners, a short sale is a viable option. A short sale is when a homeowner sells the house for less than what he or she owes the lender. It is a complicated transaction, and the lender is not always willing to work with the seller. There is also the chance that the lender will still demand any debt the homeowner does not resolve through the sale.

In addition to a short sale, other options exist for foreclosure defense. Bankruptcy, for example, puts in effect an automatic stay against all collections, including foreclosure. Some homeowners may wish to seek a loan modification, but to do so without legal counsel can be risky because of the many scammers who prey on those in desperate situations. Having a skilled attorney for an advocate can help a homeowner understand the options and work toward reasonable goals.