Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Title: Tennessee Instruction to Jury Regarding Damages for Wrongful Foreclosure: A Comprehensive Guide Introduction: In Tennessee, the instruction to jury regarding damages for wrongful foreclosure serves as a crucial component in legal proceedings involving foreclosure cases. This detailed description aims to shed light on the various aspects, types, and relevant keywords associated with Tennessee's instruction to jury regarding damages for wrongful foreclosure. 1. General Overview: The instruction to jury regarding damages for wrongful foreclosure in Tennessee encompasses a wide range of considerations related to financial, emotional, and punitive compensation sought by individuals or entities that have suffered wrongful foreclosure. 2. Types of Tennessee Instruction to Jury Regarding Damages for Wrongful Foreclosure: a. Actual Damages: This type of instruction guides the jury to assess the economic losses incurred by the aggrieved party due to wrongful foreclosure. It includes the fair market value of the property, loss of equity, potential rental income, costs for finding alternative housing, or other financial losses. b. Emotional Distress and Pain and Suffering: In cases where the wrongful foreclosure has caused emotional distress or pain and suffering, this instruction provides guidance for the jury to award compensation accordingly. Such damages aim to alleviate the psychological aftermath endured by the aggrieved party. c. Punitive Damages: In certain instances, the instruction may include punitive damages to punish the party responsible for the wrongful foreclosure severely. This type of damages serves as a deterrent and discourages similar actions in the future. d. Attorney's Fees: Instruction on attorney's fees allows the jury to consider awarding the prevailing party reimbursement of the legal costs incurred, thereby ensuring that the aggrieved party is adequately compensated for pursuing the legal action. 3. Key Keywords: a. Wrongful Foreclosure: Refers to an unlawful or improper foreclosure of a property, involving violations of state foreclosure laws, contractual provisions, or legal procedures. b. Compensation: The instruction provides guidance to the jury on awarding financial restitution to the aggrieved party. c. Foreclosure Damages: Involves economic, emotional, and punitive compensation sought in response to wrongful foreclosure. d. Fair Market Value: The instruction guides jurors on calculating the current market value of the foreclosed property, which is crucial in determining the extent of economic damages. e. Equitable Relief: This refers to non-monetary remedies sought by the aggrieved party, such as reinstating the foreclosed property ownership. Conclusion: The Tennessee instruction to jury regarding damages for wrongful foreclosure plays a vital role in ensuring fair compensation to individuals or entities affected by wrongful foreclosure. By considering key aspects like actual damages, emotional distress, punitive damages, and attorney's fees, this instruction shapes the jury's decision-making process to achieve justice in cases of wrongful foreclosure.
