You have worked hard for everything that you have. Through your efforts you were able to purchase a home. Though you may have done everything you could have to prevent one of your most valuable assets being lost, sometimes the unfortunate happens, such as, losing your home or foreclosure on your home.
If this has occurred to you, though you may be feeling frustrated and overwhelmed, it can put you in a better position if you know and understand the process and the timelines in which a foreclosure can happen. Because of this it is in your best interest to seek legal advice and representation. If you or a loved one’s home has been foreclosed on, it is in your best interest to contact an experienced Birmingham foreclosure defense attorney so that we can strategize about the best possible outcomes for your situation.
What is Foreclosure in Alabama
Foreclosure is the process in which a lender receives possession of property that belonged to the borrower in the event the borrower stops making payments on their property. Because this process can be complicated it is important to know what the process is and the timeline that you are afforded. Typically, in Alabama, the foreclosure process can take anywhere from 30 to 60 days and this foreclosure can happen through a non-judicial foreclosure or a judicial foreclosure. The non-judicial foreclosure is used when there is a power of sale clause within the contract which allows the lender to sale the property upon default.
However, the judicial foreclosure involves filing a civil suit to obtain court order in order to foreclose on the property. If the foreclosure proceeding involves the court, the property is sold as part of a public notice by the sheriff and a complaint is filed allowing a 30 to 60-day process to extend to a 60 to 90 day process. It is important to note that in Alabama, there is a statutory right of redemption which allows a borrower who has property that has been foreclosed on to reclaim their property by making payment in full plus costs if it is paid within 12 months after the sale of the property. Also, in Alabama deficiency judgments are allowed. Because this process is complicated, it is important to seek legal advice and representation to better understand what you may have to deal with in the months ahead.
Contact an Attorney
Though you may be overwhelmed and frustrated it is important to know that you are not alone. Familiarizing yourself with this process and the amount of time you have to deal with this process, can help you better understand what is coming next in a foreclosure, as well as your rights of being able to redeem your property if certain criteria is met. Because all situations are different, it is in your best interest to contact an experienced Birmingham family law attorney at Massey, Stotser, & Nichols, PC to help you with your case.