Tennessee Redemption Rights — Reclaiming Your Property After Sale
Reinstatement before sale and statutory redemption after sale — your rights to keep or reclaim your home in Tennessee.
Pre-sale reinstatement vs. post-sale redemption
| Reinstatement | Redemption | |
|---|---|---|
| When | Before the foreclosure sale | After the foreclosure sale |
| Amount owed | Arrears + fees + costs | Full loan balance + fees + costs |
| Available in Tennessee | Yes — Up to 3 business days before foreclosure sale (high-cost home loans, § 45-20-104); no statutory deadline for standard loans — governed by individual deed of trust §45-20-104 | Yes — 2 years — but inapplicable to nonjudicial sales unless deed of trust expressly preserves the right; almost universally waived in standard deeds of trust §66-8-101 |
| Effect | Loan continues as if no default | Property returned to borrower; sale reversed |
Reinstatement
Tennessee allows reinstatement — paying all past-due amounts, fees, and costs to bring the loan current and stop the foreclosure. The deadline to reinstate is Up to 3 business days before foreclosure sale (high-cost home loans, § 45-20-104); no statutory deadline for standard loans — governed by individual deed of trust §45-20-104.
Statutory redemption
After the foreclosure sale, Borrower (debtor whose interest was sold); must pay purchaser's bid price plus interest at the current federal composite prime rate plus all lawful charges may redeem the property within 2 years — but inapplicable to nonjudicial sales unless deed of trust expressly preserves the right; almost universally waived in standard deeds of trust §66-8-101. To redeem, you must pay the full sale price (or the full debt, depending on state law) plus interest and costs. During the redemption period, the borrower may retain possession in some states.
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Frequently Asked Questions
General answers to common questions. Specific outcomes depend on your facts and timing.
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Related guides
- Deadline: Up to 3 business days before foreclosure sale (high-cost home loans, § 45-20-104); no statutory deadline for standard loans — governed by individual deed of trust
- Redemption period: 2 years — but inapplicable to nonjudicial sales unless deed of trust expressly preserves the right; almost universally waived in standard deeds of trust
- Eligible to redeem: Borrower (debtor whose interest was sold); must pay purchaser's bid price plus interest at the current federal composite prime rate plus all lawful charges