Power of Sale Notice Requirements:
Prior to initiating a foreclosure the trustee or other party conducting the foreclosure must notice the borrower of the sale at least twenty (20) days before the sale and publish thenotice of foreclosure sale for at least three (3) weeks in a newspaper of general circulation in the county in which the property is located.
The first publication must be twenty (20) days prior to the sale date. If no newspaper is available the notice must be posted in at least five (5) public places, including the courthouse and the property being foreclosed at least thirty (30) days before the sale.
Notice of foreclosure as described above must be served on borrower at least twenty (20) days before the sale and the notice must contain information on the property being foreclosed upon, and provide the manner and place of sale.
The trustee or sheriff will auction the property to the highest bidder including the lender. Sales must occur between 10AM and 4PM. The trustee or sheriff can set a minimum bid as long as the same equals at least 50% of thefair market value of the property.
If you are facing foreclosure or you feel that you have been wrongfully foreclosed upon, then call the Law Office of Andrew E. Farmer at (865) 428-6737 for a free consultation. We have helped stop multiple foreclosures and have negotiated better loan terms in some situations. Let us help you.