New Tennessee Foreclosure Deficiency Law In Effect on September 1, 2010
In this era of decreasing real estate values, it is common for a lender still to be owed money after it forecloses on a piece of real estate. Often, when a lender sues the borrower to collect the deficiency balance, the borrower claims that the lender sold the property for too little at the foreclosure sale. The borrower’s logic is that, since the lender sold the property for too little, the borrower should not be held responsible for the full deficiency.
By Pending Home Sales Down in June
The National Association of Realtors Pending Home Sales Index, which is a forward-looking indicator based on signed real estate contracts, declined 2.6% in June from May. The index is 18.6% below June 2009.
http://www.realtor.org/press_room/news_releases/2010/08/pending_ease
Waiver of Jury Demand Is Enforceable
Gregory Poole was an owner-operator truck driver. In May 2000, Mr. Poole entered into a note, disclosure, and security agreement with Union Planters Bank to facilitate the purchase of a 1998 Freightliner XL Classic Truck from Long-Lewis Sterling Ford in Bessemer, Alabama. Pursuant to the agreement, the Bank provided Mr. Poole with $62,014 for the purchase of the vehicle, which he agreed to repay with interest over 60 months. The agreement did not set forth any specific obligations with respect to the transfer of the vehicle’s title from Alabama to Tennessee. The manager of the Bank’s Southgate branch, nevertheless agreed to “take care” of the matter for Mr. Poole at the time of the original loan.
The Good, the Bad, and the Ugly: Bankruptcy, Divorce, and Marital Property
In Larsen-Ball v. Ball, 2010 WL 143854 (Tenn.), the Tennessee Supreme Court held that a $17 million attorney fee acquired by the husband after the divorce action was filed, but before entry of the final decree, was marital property subject to equitable distribution.
