Tennessee § 47-30-108 Amount owed by borrower when loan is due - Enforcement of debt

Tennessee Statutes

§ 47-30-108 — Amount owed by borrower when loan is due - Enforcement of debt

Tennessee § 47-30-108

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This text of Tennessee § 47-30-108 (Amount owed by borrower when loan is due - Enforcement of debt) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-30-108 (2026).

Text

(a)When a reverse mortgage loan, other than a Fannie Mae Reverse Mortgage Loan, becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house, then the amount owed by the borrower shall not be greater than:

(1)The fair market value of the house, minus sale costs; or (2) The outstanding balance of the loan, whichever amount is less.

(b)If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than:

(1)The outstanding balance of the loan; or (2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.

(c)The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency

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(a) When a reverse mortgage loan, other than a Fannie Mae Reverse Mortgage Loan, becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house, then the amount owed by the borrower shall not be greater than: (1) The fair market value of the house, minus sale costs; or (2) The outstanding balance of the loan, whichever amount is less. (b) If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than: (1) The outstanding balance of the loan; or (2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less. (c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.