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Alabama law generally gives homeowners a one-year redemption period after a foreclosure sale.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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 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.
4 Ways to Stop Alabama Foreclosure Catch up on past-due balances. ... Apply for a loan modification. ... Consider a short sale or deed in lieu of foreclosure. ... File Chapter 13 Bankruptcy. ... What about Chapter 7 Bankruptcy?
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.
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.
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.