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Lenders will seize the home, which is typically used as collateral for the loan and will put the property up for sale to try and recoup losses. ?The foreclosure process from beginning to end typically takes a lender about 18 months to foreclose on a property during normal times.

The right of foreclosure describes a lender's ability to take possession of a property through a legal process called foreclosure when a homeowner defaults on mortgage payments. The mortgage's terms will outline the conditions under which the lender has the right to foreclose.

In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.

Foreclosure is when the lender takes back property when the homeowner fails to make payments on a mortgage. Foreclosure processes differ by state. Typically, if you fall a few months behind on your mortgage payments, the foreclosure process may begin (although the process can begin earlier or later).

What are the fees and requirements to form an Alabama LLC State FeeState Filing TimeExpedited Filing Time$236*3 Weeks1 Business DaysState Fee$236*State Filing Time3 WeeksExpedited Filing Time1 Business Days

Alabama LLC Cost. The minimum starting cost to form an LLC in Alabama is $225 ($236 online or by credit card). This cost includes the $25 fee to reserve your LLC name and the $200 fee to file the Certificate of Formation with the Alabama Secretary of State.