Alabama Foreclosure
Welcome to the Alabama foreclosure information page. Alabama uses the Mortgage as the security instrument and non-judicial foreclosure to resolve its cases.
As usual, the lender will try to work with you in order to resolve the default. They won't begin the foreclosure process until you're late 2 or 3 months (or more in this market). You need to use this time to call the lender's loan loss mitigation department to try to work out some kind of payment plan.
Alabama is somewhat different from other states in that the power of sale can be part of the mortgage, so different things can happen depending on the situation:
- If there is a power of sale in the mortgage then the home can be sold by any person so mentioned in the mortgage or even by his representative. The power of sale can even state where the home can be sold.
- If there is no power of sale, then the lender can either foreclose in court (judicial foreclosure) or can sell at the courthouse steps.
Keep in mind, that in either case, all that's required of the lender is that it publish an ad in the newspaper of the county where the property is located once per week for 4 consecutive weeks. This means that once they decide to sell, it could take as little as 1 month to foreclose.
There is a 12 month redemption period, however. Meaning that you have 12 months to come up with the money to get your house back.
Click here to go from "Alabama foreclosure" page to "Foreclosure Directory" page.
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