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Alabama is a non-judicial foreclosure state, which means that a mortgage holder doesnt have to take the homeowner to court to reclaim the home if the mortgage falls behind. There are still steps the mortgage holder has to take to foreclose on the home.
In Alabama, a lender can choose between judicial or non-judicial foreclosure. Under judicial foreclosure, the mortgage lender files a lawsuit in the borrower in the local state court. With a non-judicial foreclosure, the lender does not seek court authority to foreclose.
It is possible to stop a foreclosure in Alabama here are the ways: Sue your mortgage company as you have the right to do under your mortgage. Reinstate the loan. File bankruptcy (usually chapter 13)Obtain loss mitigation (usually a loan modification) Loan modification. Forbearance. Short sale. Deed in lieu of foreclosure.
Right of Redemption Basics The right of redemption period is the period in which the former owner of a foreclosed property can buy back the property, regardless of whether the current owner wants to sell. The period begins on the date of the sale of the foreclosed property.
It is possible to stop a foreclosure in Alabama here are the ways: Sue your mortgage company as you have the right to do under your mortgage. Reinstate the loan. File bankruptcy (usually chapter 13) Obtain loss mitigation (usually a loan modification)
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Alabama law generally gives homeowners a one-year redemption period after a foreclosure sale. But state law gives homeowners a 180-day redemption period after the foreclosure sale for homestead propertiesif proper notice about the right to redeem was given and the mortgage was taken out on or after January 1, 2016.
In Alabama, the homeowner, as well as any other party that has an interest in the property (think second mortgage, ex-wife, contractor with a lien on the property) may redeem the property for a period of either 180 days or one year, depending on when the foreclosed mortgage was executed.
Alabama law generally gives homeowners a one-year redemption period after a foreclosure sale. But state law gives homeowners a 180-day redemption period after the foreclosure sale for homestead propertiesif proper notice about the right to redeem was given and the mortgage was taken out on or after January 1, 2016.
The right of redemption allows the original owner to redeem the property by paying off back taxes and/or liens against the property within one year of the date of the foreclosure sale. The redemption period for homestead property is 180 days.
In most cases, the foreclosure sale can occur 30 days after the default letter is served. If the default isnt cured by the time limit on the default letter, an acceleration letter is sent. This letter states that the balance of the loan, not just the past due balance, is due immediately.

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