Loan Modification Blog » Alabama Foreclosure http://www.1stforeclosureprevention.com/blog Loan Modification Blog Sat, 31 Jul 2010 03:04:43 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Alabama Foreclosure http://www.1stforeclosureprevention.com/blog/2009/07/23/alabama-foreclosure/ http://www.1stforeclosureprevention.com/blog/2009/07/23/alabama-foreclosure/#comments Thu, 23 Jul 2009 19:03:33 +0000 admin http://www.1stforeclosureprevention.com/blog/?p=140 alabama-county-mapIf you live in the state of Alabama and face foreclosure, you need to know the basics of the foreclosure laws of your state. In Alabama, there are both judicial and non-judicial foreclosures. In judicial foreclosures, a lender may sue the borrower to obtain a court order to foreclose and sell your property when there is no power of sale clause in the loan document. A lender can also publish a notice of sale in the county newspaper of where the property is located for four consecutive weeks and then sell the property at the county court house of where the property is located.

When the power of sale clause is present in the loan, a lender will utilize the non-judicial foreclosure procedure. Again, they must publish the intent to sell for four consecutive weeks in a newspaper in which the property is located if there is not clear cut instructions as to time, place, and terms of sale in the power of sale clause. If the county in which the property is located does not have a newspaper, the intent to sell must be published in the paper of an adjoining county in which the property is located. Homeowners in the state of Alabama do have Right of Redemption for 12 months in both judicial and non-judicial foreclosures.

]]> http://www.1stforeclosureprevention.com/blog/2009/07/23/alabama-foreclosure/feed/ 3