Alabama Judgment Foreclosing Mortgage and Ordering Sale
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How to fill out Judgment Foreclosing Mortgage And Ordering Sale?
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FAQ
Power of sale is a mortgage clause that permits the lender to foreclose on and sell a property in default in order to recover the remainder of the loan. This clause, which is legal in many U.S. states, allows for a foreclosure process that circumvents the courts for speedier outcomes.
How Do Foreclosure Sales in Alabama Work? At the sale, which is a public auction, the lender usually makes a credit bid. The lender can bid up to the total amount owed, including fees and costs, or it may bid less.
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.
A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made.
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.