Alabama Sample Letter for Enclosure - Fee Schedule for Foreclosure
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How to fill out Sample Letter For Enclosure - Fee Schedule For Foreclosure?
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FAQ
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.
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 law allows a borrower to ?redeem? (buy back) their property after the foreclosure sale. The borrower redeems the property by paying the full balance of the loan plus interest, taxes, and insurance premiums. Generally, the borrower has up to one year from the foreclosure sale date to redeem the property.
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.
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.
Section 6-5-248 - Who may redeem; priorities (a) Where real estate, or any interest therein, is sold, it may be redeemed by: (1) Any debtor, including any surety or guarantor. (2) Any mortgagor, even if the mortgagor is not personally liable for payment of a debt. (3) Any junior mortgagee, or its transferee.
