A Summary of Alabama State Foreclosure Law

Alabama State conducts Judicial as well as Non-judicial foreclosure, but Non-judicial foreclosure is more common.

What is the processing period for foreclosure in Alabama?

Normally it takes 50-74 days (approx 1.5 to 2 months) for processing.

What is sale publication period in Alabama for foreclosure?

Sale publication period is 21 days.

Is there any right of redemption in Alabama for foreclosure?

Yes, Redemption period is of 1 year.

Are deficiency judgments permitted in Alabama?

Yes, Deficiency judgments are permitted in Alabama.

Which law provision governs foreclosure in Alabama?

In Alabama Code (1975), foreclosure sales are covered in Title 35 (Property) Articles 1, 1A, 2, 3 35-10-1 et. seq.

What happens during Judicial Foreclosure in Alabama?

It involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage/deed of trust. However, in such case lenders may choose to avoid filling a lawsuit and foreclose by selling the property, as mentioned in the "Guidelines for no power of sale foreclosure ".

Guidelines for No Power of Sale Foreclosure

If no power of sale is contained in a mortgage/deed of trust, the lender, or any assignee thereof, may either file a lawsuit to foreclose or foreclose by selling the property to the highest bidder for cash at the courthouse door of the county. Such sale can take place only after notice of the time, place, terms and purpose of the sale has been published for four (4) consecutive weeks in a newspaper published in the county wherein said lands, or a portion thereof are situated.

What happens during Non-Judicial Foreclosure in Alabama?

A "power of sale" clause is the clause in a deed of trust/mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan if they are not able to pay. In such cases, the authority is given to the lender to sell the property which may be executed by either the lender or member selected by lender. You can find more information in "Guidelines for power of sale foreclosure".

Guidelines for power of sale foreclosure

Power of sale foreclosure must be carried out at specified time, place within the terms of sale mentioned in deed of trust/mortgage. But if it does not specify any time, place or terms of sale, then a foreclosure sale may take place at the main door of the courthouse of the county where the property located, after default of the deed of trust/mortgage, for cash to the highest bidder. The sale can only take after 30 days of the last published notice.

Sale notice must be given in publication once a week for four (4) successive weeks in a newspaper published in the county or counties in which the property is located. If the property is under mortgage in more than one county, the publication is to be made in all counties where it is located. The notice of sale should mention the time, place and terms of said sale, with details of the property. If no newspaper is published in the county where the lands are located, the notice shall be placed in a newspaper published in an adjoining county for four (4) successive weeks.

This is legal information; it should not be treated as legal advice.

For get more information:

http://entrusthome.com/news/stop-foreclosure-in-alabama.html

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