Can I still save my home after a foreclosure sale has occurred? What happens after Foreclosure in Alabama?The answer to this question is yes, you may be able to save your home after a foreclosure sale has taken place. However, a homeowner should take immediate action when faced with any economic hardship by contacting your mortgage servicer to seek relief. Options to avoid foreclosure while maintaining ownership of your home are collectively referred to as loss mitigation and include – forbearances, loan modifications, principal reductions and refinancing. But what if you are unable to successfully negotiate with your lender or mortgage servicer and your home is sold in foreclosure. What can you do?
In Alabama a mortgage servicer may sale a homeowner’s home by either judicial foreclosure or non-judicial foreclosure. Judicial foreclosures are processed through the courts whereas non-judicial foreclosures are conducted largely outside the purview of the court. From a practical stand point most if not all foreclosures conducted in Alabama are by way of non-judicial foreclosure. However, even after your home has been sold in foreclosure, Alabama law requires the purchaser of your home, in most instances the mortgage servicer, to file a complaint in the appropriate jurisdiction. The complaint should verify the existence of the debt, and why the mortgage servicer is entitled to dispossess or eject you from your home. The homeowner will be served notice of the complaint and will have the opportunity to be heard before the Alabama court in. At this time, many homeowners feel defeated and think there are no remaining options. Many homeowners believe they should simply give up - move out of their home and surrender possession. However, if you have been subjected to predatory lending, faulty or fraudulent foreclosure practices, or other abusive mortgage servicing practices a court of equity may decide to rescind or set aside the foreclosure sale – effectively granting you the right to remain in your home. If you’re an Alabama homeowner facing foreclosure or an ejectment action, you should seek legal advice from a competent foreclosure defense attorney immediately to determine your rights and to assess the options available to protect your home.
In Alabama a mortgage servicer may sale a homeowner’s home by either judicial foreclosure or non-judicial foreclosure. Judicial foreclosures are processed through the courts whereas non-judicial foreclosures are conducted largely outside the purview of the court. From a practical stand point most if not all foreclosures conducted in Alabama are by way of non-judicial foreclosure. However, even after your home has been sold in foreclosure, Alabama law requires the purchaser of your home, in most instances the mortgage servicer, to file a complaint in the appropriate jurisdiction. The complaint should verify the existence of the debt, and why the mortgage servicer is entitled to dispossess or eject you from your home. The homeowner will be served notice of the complaint and will have the opportunity to be heard before the Alabama court in. At this time, many homeowners feel defeated and think there are no remaining options. Many homeowners believe they should simply give up - move out of their home and surrender possession. However, if you have been subjected to predatory lending, faulty or fraudulent foreclosure practices, or other abusive mortgage servicing practices a court of equity may decide to rescind or set aside the foreclosure sale – effectively granting you the right to remain in your home. If you’re an Alabama homeowner facing foreclosure or an ejectment action, you should seek legal advice from a competent foreclosure defense attorney immediately to determine your rights and to assess the options available to protect your home.
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