In this contribution, we investigate the concept of time division duplexing (TDD) mode as an alternative to underlay short-range femtocells on the uplink of legacy macrocell deployments. To mitigate the resulting co-channel interference, the underlaid femtocell tier uses a distributed mechanism which is based on regular busy tones and relies on minimal signaling exchange. Stochastic geometry is used to model practical scenarios by capturing network dynamics and channel variations. The impact of the fading correlation on the performance of the coordination mechanism is examined as well. Higher-order statistics through the cumulants concept are used to recover the distribution of the co-channel interference and evaluate the system performance in terms of the outage probability and average channel capacity. We observe that our analytical framework matches well with numerical results obtained using Monte Carlo simulations. In contrast to the uncoordinated frequency division duplexing mode, the coordinated TDD-underlay solution shows a reduction in the outage probability of nearly 80%, while the average spectral efficiency increases by approximately 90% in high loads.