Senate Bill #1299 or House Bill #1920 could take your home

TENNESSEE LEGISLATION TO HELP BANKS TAKE PEOPLES HOMES
____

Full PDF Opposition to SB 1299 and HB 1920
Press Release
____

Tennessee House and Senate members are attempting to rush through two bills - SB 1299 and HB 1920 - which will make it easier for banks to foreclose on people’s homes; reducing the number of notices to homeowners from three (3) to one (1), permitting sale of homes after only twenty (20) days from that single notice, streamlining property description requirements and by preventing any challenge to the notice of foreclosure even where the lender makes mistakes or errors.

Eight Republican House members have signed on as co-sponsors. The sponsors also include House Democratic leader Craig Fitzhugh, a West Tennessee bank executive who serves as the Bankers Association’s President.

While states across this nation establishing programs to protect consumers and help people save their homes with programs to mediate with lenders, and extend the time for foreclosures to as much as 150 days, Tennessee permits homes to be taken within 20 days after the first notice.

Tennessee is going against national trends to protect consumers and homeowners. While many other states are acting to protect consumers and are particularly concerned about helping them keep their homes, SB 1299 and HB 1920 take Tennessee in the opposite directions granting special favor to banks.

Seniors, the disabled, the illiterate, and the weakest members of society will be the most likely victims of the proposed bills since there is no “notice accommodation” for those most susceptible to not being informed that their homes were about to be taken by the bank.