Notice of Default and Foreclosure Sale
WHEREAS, on February 9, 2009, a certain Home Equity Conversion Deed of Trust (“Reverse Mortgage”) was executed by JANICE M NEARY, as mortgagor in favor of VALUE FINANCIAL MORTGAGE SERVICES, INC., as mortgagee and Mark Rosser , as trustee, and was recorded on February 23, 2009 under Clerks Instrument Number 34846, Book 325, Page 311-320 in the real property records of Chester, Tennessee. WHEREAS, the Reverse Mortgage was insured by the United States Secretary of Housing and Urban Development (the “Secretary”) pursuant to the National Housing Act for the purpose of providing single family housing; and WHEREAS, the beneficial interest in the Reverse Mortgage is now owned by the Secretary, pursuant to an assignment dated April 20, 2017, and recorded on May 4, 2017, under Book 420, Page 640 in the real property records of Chester County, Tennessee; and WHEREAS, a default has been made in the covenants and conditions of the Reverse Mortgage in that the Mortgagors no longer occupies the property; and WHEREAS, the entire amount delinquent as of February 22, 2022 is $240,046.76; and WHEREAS, by virtue of the default, the Secretary has declared the entire amount of the indebtedness secured by the Reverse Mortgage to be immediately due and payable; NOW THEREFORE, pursuant to powers vested in me by the Single Family Mortgage Foreclosure Act of 1994, 12 U.S.C. 3751 et seq., by 24 CFR part 27, subpart B, and by the Secretary’s designation of me as Foreclosure Commissioner, recorded in the real property records of Chester County, Tennessee under Book 484, Page 710, Instrument number 69145, notice is hereby given that on February 22, 2022, on or about 10:00AM local time, all real property at or used in connection with the following described premises (“Property”) will be sold at public auction to the highest bidder: LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS ALL THAT CERTAIN PROPERTY SITUATED IN THE COUNTY OF CHESTER, AND STATE OF TENNESSEE AND BEING DESCRIBED IN A DEED DATED MARCH 22, 2002 AND RECORDED MARCH 26, 2002 IN BOOK 212 PAGE 574 AMONG THE LAND RECORDS OF THE COUNTY AND STATE SET FORTH ABOVE, AND REFERENCED AS FOLLOWS: IN ALL OF THE FOLLOWING REAL ESTATE LOCATED IN THE ELEVENTH CIVIL DISTRICT, CHESTER COUNTY, TENNESSEE, MORE PARTICULARLY BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT; BEGINNING AT A NAIL AND CAP IN THE CENTERLINE OF PUSSER ROAD, THE NORTHEAST CORNER OF THE BRIAN BLATTLER AND WIFE, LORRI L. BLATTLER PROPERTY, SEE RECORD BOOK 136, PAGE 750; THENCE SOUTH 66 DEGREES 53 MINUTES 38 SECONDS WEST FOR A DISTANCE OF 306.54 FEET WITH THE NORTHERN BOUNDARY OF BLATTLER TO A STEEL FENCE POST SET IN AN OLD FENCE POST, THE NORTHEAST CORNER OF JERRY WANE TAYLOR, ET ALL, SEE DEED BOOK 90, PAGE 15; THENCE SOUTH 83 DEGREES 53 MINUTES 50 SECONDS WEST FOR A DISTANCE OF 154.76 FEET WITH THE NORTHERN BOUNDARY OF TAYLOR, TO A STEEL FENCE POST SET; THENCE NORTH 06 DEGREES 06 MINUTES 10 SECONDS WEST FOR A DISTANCE OF 692.46 FEET WITH THE SEVERANCE LINE THROUGH THE PARENT TRACT, PASSING A STEEL FENCE POST SET AT 667.46 TO A POINT IN THE CENTERLINE OF PUSSER ROAD; THENCE WITH THE CENTERLINE OF SAID ROAD AS FOLLOWS; THENCE SOUTH 52 DEGREES 44 MINUTES 43 SECONDS EAST FOR A DISTANCE OF 43.89 FEET; THENCE SOUTH 58 DEGREES 16 MINUTES 58 SECONDS EAST FOR A DISTANCE OF 56.36 FEET; THENCE SOUTH 61 DEGREES 07 MINUTES 41 SECONDS EAST FOR A DISTANCE OF 41.71 FEET; THENCE SOUTH 69 DEGREES 25 MINUTES 27 SECONDS EAST FOR A DISTANCE OF 72.98 FEET; THENCE SOUTH 68 DEGREES 49 MINUTES 18 SECONDS EAST FOR A DISTANCE OF 79.93 FEET; THENCE SOUTH 57 DEGREES 24 MINUTES 48 SECONDS EAST FOR A DISTANCE OF 78.35 FEET; THENCE SOUTH 42 DEGREES 35 MINUTES 42 SECONDS EAST FOR A DISTANCE OF 81.17 FEET; THENCE SOUTH 34 DEGREES 34 MINUTES 37 SECONDS EAST FOR A DISTANCE OF 107.15 FEET; THENCE SOUTH 25 DEGREES 39 MINUTES 42 SECONDS EAST FOR A DISTANCE OF 52.67 FEET; THENCE SOUTH 16 DEGREES 31 MINUTES 56 SECONDS EAST FOR A DISTANCE OF 66.00 FEET; THENCE SOUTH 11 DEGREES 11 MINUTES 46 SECONDS EAST FOR A DISTANCE OF 122.36 FEET TO THE POINT OF BEGINNING CONTAINING 5.00 ACRES MORE OR LESS AS SURVEYED BY JAMES A. MARTIN R.L.S. NO 1469 ON MARCH 15, 2002 PARCEL NO. 001.04 BEING THE SAME PROPERTY CONVEYED TO THOMAS J. NEARY, JR. AND WIFE, JANICE M. NEARY FROM PAUL S. MARTIN AND WIFE, BETTY JO MARTIN, RONALD F. CURLIN AND WIFE, SHIRLEY A. CURLIN, JERRY L. WEIR AND WIFE, JANE R. WEIR, BY WARRANTY DEED DATED MARCH 22, 2002 AND BEING OF RECORD IN BOOK 212, PAGE 574, AS INSTRUMENT NUMBER 11093 IN THE REGISTERS OFFICE OF CHESTER COUNTY, TENNESSEE.
Commonly known as: 770 Pusser Road, Enville, TN 38332.
Tax ID: 11-041.00
The sale will be held in Chester County, Tennessee at the following location: at the Main entrance of the Chester County Courthouse, Henderson, Tennessee.
The Secretary of Housing and Urban Development will bid $66,920.87.
There will be no proration of taxes, rents or other income or liabilities, except that the purchaser will pay, at or before closing, his prorate share of any real estate taxes that have been paid by the Secretary to the date of the foreclosure sale.
When making their bids, all bidders except the Secretary must submit a deposit totaling $6,692.09 in the form of a certified check or cashier’s check made out to the Secretary of HUD. A deposit need not accompany each oral bid. If the successful bid is oral, a deposit of $6,692.09 must be presented before the bidding is closed. The deposit is nonrefundable. The remainder of the purchase price must be delivered within 30 days of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier’s check. If the Secretary is the highest bidder, he need not pay the bid amount in cash. The successful bidder will pay all conveying fees, all real estate and other taxes that are due on or after the delivery date of the remainder of the payment and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidders will be returned to them.
The Secretary may grant an extension of time within which to deliver the remainder of the payment. All extensions will be for 15-day increments for a fee of $500.00, paid in advance. The extension fee shall be in the form of a certified or cashier’s check made payable to the Secretary of HUD. If the high bidder closes the sale prior to the expiration of any extension period, the unused portion of the extension fee shall be applied toward the amount due.
If the high bidder is unable to close the sale within the required period, or within any extension of time granted by the Secretary, the high bidder may be required to forfeit the cash deposit or, at the election of the foreclosure commissioner after consultation with the HUD representative, will be liable to HUD for any costs incurred as a result of such failure. The Commissioner may, at the direction of the HUD representative, offer the property to the second highest bidder for an amount equal to the highest price offered by that bidder.
There is no right of redemption, or right of possession based upon a right of redemption, in the mortgagor or others subsequent to a foreclosure completed pursuant to the Act. Therefore, the Foreclosure Commissioner will issue a Deed to the purchaser(s) upon receipt of the entire purchase price in accordance with the terms of the sale as provided herein. HUD does not guarantee that the property will be vacant.
Other interested Parties: None.
If applicable, the notice requirements of T.C.A. §35-5-101 have been met.
If the U.S. Department of Treasury/IRS, the State of Tennessee Department of Revenue, or the State of Tennessee Department of Labor or Workforce Development are listed as Interested Parties in the advertisement, then the Notice of this foreclosure is being given to them and the Sale will be subject to the applicable governmental entities’ right to redeem the property as required by 26 U.S.C. 7425 and T.C. A. §67-1-1433.
The scheduled foreclosure sale shall be cancelled or adjourned if it is established, by documented written application of the mortgagor to the Foreclosure Commissioner not less than 3 days before the date of sale, or otherwise, that the default or defaults upon which the foreclosure is based did not exist at the time of service of this notice of default and foreclosure sale, or all amounts due under the mortgage agreement are tendered to the Foreclosure Commissioner, in the form of a certified or cashier’s check payable to the Secretary of HUD, before public auction of the property is completed.
The amount that must be paid if the mortgage is to be paid in full prior the scheduled sale is $66,920.87, plus all other amounts that would be due under the mortgage agreement if payments under the mortgage had not been accelerated, advertising costs and postage expenses incurred in giving notice, mileage by the most reasonable road distance for posting notices and for the Foreclosure Commissioner’s attendance at the sale, reasonable and customary costs incurred for title and lien record searches, the necessary out-of-pocket costs incurred by the Foreclosure Commissioner for recording documents, a commission for the Foreclosure Commissioner, and all other costs incurred in connection with the foreclosure prior to reinstatement.
Tender of payment by certified or cashier’s check or application for cancellation of the foreclosure sale shall be submitted to the address of the Foreclosure Commissioner provided below.
Date: January 14, 2022
Jerry Bridenbaugh
Foreclosure Commissioner
Mackie Wolf Zientz & Mann, P.C.
7100 Commerce Way, Suite 273
Brentwood, TN 37027
(615) 238-3630
(615) 777-4517 Fax
