Foreclosure in Alabama – Non-Judicial – Power of Sale Foreclosure
Delinquency occurs – usually the result of an unanticipated expense or reduction in income and sometimes both. In any event, it is always best to contact your mortgage servicer as soon as you have even the smallest inclination that an economic hardship may impede your ability to make your mortgage payments. See “Things to remember when contacting my mortgage servicer” for more information on the process of negotiating a loan modification or other loss mitigation options with your mortgage servicer.
After the delinquency has a occurred and prior to declaring default the servicer will send what is known as the Notice of intent to accelerate. This notice is simply stating that the servicer demands full payment on the loan by accelerating the monthly payments and seeking one lump sum to satisfy the entire indebtedness. The notice will also state that the failure to provide the full payment demanded will result in a foreclosure sale Foreclosure Sale Date Set
Publication 3 Consecutive Weeks
Foreclosure Occurs
10 Days to Vacate or Right of Redemption Waived – Most cases not practical meaning
Servicer must file a complaint with the court seeking ejectment or possession of your home even after the foreclosure sale has occurred.
The Alabama homeowner will be notified by a process server or certified mail. The homeowner should receive a summons stating the date and time of a hearing on the complaint along with a copy of the complaint seeking ejectment.
The homeowner will have thirty days from the day of receiving the summons and complaint to respond with an answer and counterclaim.
Delinquency occurs – usually the result of an unanticipated expense or reduction in income and sometimes both. In any event, it is always best to contact your mortgage servicer as soon as you have even the smallest inclination that an economic hardship may impede your ability to make your mortgage payments. See “Things to remember when contacting my mortgage servicer” for more information on the process of negotiating a loan modification or other loss mitigation options with your mortgage servicer.
After the delinquency has a occurred and prior to declaring default the servicer will send what is known as the Notice of intent to accelerate. This notice is simply stating that the servicer demands full payment on the loan by accelerating the monthly payments and seeking one lump sum to satisfy the entire indebtedness. The notice will also state that the failure to provide the full payment demanded will result in a foreclosure sale Foreclosure Sale Date Set
Publication 3 Consecutive Weeks
Foreclosure Occurs
10 Days to Vacate or Right of Redemption Waived – Most cases not practical meaning
Servicer must file a complaint with the court seeking ejectment or possession of your home even after the foreclosure sale has occurred.
The Alabama homeowner will be notified by a process server or certified mail. The homeowner should receive a summons stating the date and time of a hearing on the complaint along with a copy of the complaint seeking ejectment.
The homeowner will have thirty days from the day of receiving the summons and complaint to respond with an answer and counterclaim.
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