Alabama Foreclosure Laws
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What is the current situation in Alabama?
The job market in Alabama seems to be holding its own. The jobless rate has stayed below the national average ranking as it is well above the surrounding states. This does not necessarily relate to Foreclosures as that rate rose 27% during the last quarter. There was one foreclosure in Alabama for every 1,600 households which leaves many residents with problems that are overwhelming. We have several customer comments that tell the true story as to what Alabama residents are going through to try to maintain their mortgage payments as they struggle to keep their heads above water.Here are some real Alabama residents stories and Foreclosure troubles
Joanne from Mobile – “My family has been stressed from this entire ordeal and it also causes me to become very sick. If we could talk with someone and get some help, it would truly be a blessing to my family.”
John from Huntsville – “We have been trying to get refinanced to make our payments lower. We had a payment plan worked out with EMC where we had gotten behind and we started looking for someone to help us refinance. We thought a couple of times we had someone. They kept indicating that we would be closing soon but something always came up. Now I understand our home has been put in foreclosure even though we have not been told this by EMC. What is the process that they must go through? Don’t they need to notify me if they are going to Foreclosure on us? Thank you in advance for any help.”
Kim from Birmingham - “ My husband was just able to go back to work after looking for a job for 6 months. I was laid off from my job of five years in January and we have not been able to catch up since the first of the year. The rate on our first is 7.75% and 14.8% on the 2nd. If we can stop the foreclosure and refinance the two together, we would not have an issue. The Foreclosure date is drawing near, but I waited to contact you until I could determine if I had any local options (which I don’t). I now have a new job and if we can somehow stop this sale, we can get back on track. If you can work workout plans/options for us, we would be so grateful.”
Gordon from Tuscaloosa - "I became unemployed in April and I am currently trying to get a home based business off the ground. I filed Chapter 7 in 2003, so my credit score is very low. I have just recently disputed several mistakes on my credit report in attempt to get my score up enough to refinance. Unfortunately, I just received a notice of foreclosure. I am DESPERATE to save my home. Please help!"
Sabrina from Mobile - "We were offered an opportunity to participate in a 3 month deferred payment plan due to Hurricane Katrina from our previous lender. Before the loan modification was complete, our mortgage was sold to Countrywide. They are now saying that we are four months delinquent on our mortgage. We have always paid our loan on time and have never missed a payment. They said that they sent the necessary documentation to Countrywide, but they say they didn’t receive it. Can you help us figure this mess out."
Tracy and John from Auburn - We have had several medical problems arise that took quite a bit of money. Also, I was laid off from my job of 13 years. We do not want to lose our home… please help us. If the foreclosure is stopped, we can actually afford to make the monthly payment, just not the $4500.00 needed to reinstate the loan.
John from Hoover - "Before we even got 2 months behind, my daughter gave me the money for that one month we were behind, and the company would not even take the payment unless they were paid in full. We kept telling them that we had the money for the back payment and that was not good enough for them. They sent me a statement stating that they would take the 2 payments we were behind and put them at the back end of the mortgage, but because I didn't make enough money there was nothing they could do. A young lady called and wanted to go over a budget statement. My wife spoke ot her… she asked how much we used on groceries and my wife stated about $150.00 a week for 7 people. She came back rude and belligerent … well, I feel that $62 dollars a week is sufficient enough for food. If you smoke you need to quit and if you buy any other frivolous items that needs to be stopped. That was very unprofessional of the young lady to take the tone she used with my wife... PLEASE if there is anything you can do to help me it would be highly appreciated. Everyone else I talk to says file for a chapter 13. I don't think we would be in the mess we are in if I had that kind of money... thank you for your time, please contact me ASAP."
Is this you? These issues are real and what people have to deal with on a daily basis in Alabama. We can help solve any of these issues with your Mortgage Company. If this is you please contact us before it is too late.
What are the State Laws that relate to Foreclosure?
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure
Available:Yes
- Right of Redemption:
Yes - 12 months
- Deficiency Judgments allowed:
Yes
- Special Comments:
None
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative. Regulations for this type of foreclosure process are outlined below.
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, if the deed of trust or mortgage contains a power of sale clause, but does not specify the time, place and terms of sale, then a foreclosure sale may take place at the front or main door of the courthouse of the county where the property located, after default of the deed of trust or mortgage, for cash to the highest bidder. The sale may not take place until 30 days after the last notice of sale is published. Said notice of sale must be given by one county, the publication is to be made in all counties where it is located. The notice of sale must give the time, place and terms of said sale, together with a description of the property. If no newspaper is published in the county where the lands are located, the notice shall be placed in a newspaper published in an adjoining county for 4 successive weeks.
No Power of Sale Foreclosure Guidelines
If no power of sale is contained in a mortgage or deed of trust, the lender, or any assignee thereof, may, after default of the mortgage or deed of trust, either file a lawsuit to foreclose or foreclose by selling the property to the highest bidder for cash at the courthouse door of the county where the property is situated. Said sale may not take place until after notice of the time, place, terms and purpose of the sale has been published for 4 consecutive weeks in a newspaper published in the county wherein said lands, or a portion thereof are situated.
State Law information provided by Foreclosurelaw.org
What can you do
Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.
We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Our Name, American Foreclosure Specialists, is the name that you can trust.
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