Alabama Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
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?
In Alabama, a notice has to be placed in the newspaper for three consecutive weeks prior to the sale. It must be placed in the local newspaper in the county in which the home is located. While the foreclosure is still in this stage, it is usually possible for homeowners to work out a deal with the mortgage company.
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.
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.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
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.
The Alabama foreclosure process typically takes approximately 30 to 60 days so it is critical to contact a foreclosure defense specialist, like the attorneys at the Bond & Botes Law Offices to put a stop to the action and help you save your home.
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.
