Successful Foreclosure in Memphis, TN!

[Andy Mirza]

We successfully foreclosed on a loan yesterday. (Before I get hate mail or hate posts for doing such a thing at this time, just know that the borrower hadn't made a payment since October, 2019, and did not respond to the 2 dozen phone calls our servicer made to him; can't help someone who won't even make the effort to communicate.)

Quick foreclosure process in the state of Tennessee. Our attorney started the process in early April and we had a sale date in early May. No restrictions on foreclosures but there's a moratorium on evictions until June 5 (subject to extension). That might be the reason why we didn't get any bids. Opening bid was total debt at $97k and we estimated market value at $135k, which puts it at 72% of value.

We always attempt cash for keys first so that's the next step. This makes me hopeful that more states will open up in the near future as well.