Alabama Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises
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How to fill out Letter Tendering Payment In Order To Obtain Release Of Mortgaged Premises?
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FAQ
Alabama law generally gives homeowners a one-year redemption period after a foreclosure sale.
If you miss four consecutive mortgage payments (120 days), most lenders begin the process of foreclosure on your home. If you miss one mortgage payment, lenders will often issue you a 15-day grace period to pay without incurring a penalty.
A foreclosure stays on your credit report for seven years from the date of the first missed payment that led to it, but its impact on your credit score will likely fade earlier than that. Foreclosure may hurt your ability to get a new mortgage.
A few potential ways to stop a foreclosure and keep your home include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy. Working out a loss mitigation option, like a loan modification, will also stop a foreclosure.
Alabama is a non-judicial foreclosure state, which means that a mortgage holder doesn't 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.
Stages of Foreclosure in Alabama There are three stages to a foreclosure in Alabama. The first stage is what happens before the home is put up for sale. The second is what happens after the home is sold. The third occurs only if the person who lost the home doesn't move out after the home is sold.
In Alabama, most lenders foreclose utilizing the non-judicial process. Mortgage holders typically resort to non-judicial foreclosure because it is so much quicker. Alabama law does not require the lender to notify the debtor before starting either foreclosure process.
Alabama has no definite statute of limitations as to when a lender must begin foreclosure proceedings. If you are behind with your mortgage payments, the lender can begin foreclosure proceedings at any time.
