This is a sample notice filed by a mortgagee who successfully completed a foreclosure sale on a particular piece of real estate.
Alabama Auctioneer's Deed for Foreclosure Sale
Category:
State:
Alabama
Control #:
AL-1115A
Format:
Word;
PDF;
Rich Text
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FAQ
As part of the lawsuit, the foreclosing party includes a petition for foreclosure that explains why a judge should issue a foreclosure judgment. In most cases, the court will do so, unless the borrower has a defense that justifies the delinquent payments.
Alabama law allows a borrower to redeem (buy back) their property after the foreclosure sale. The borrower redeems the property by paying the full balance of the loan plus interest, taxes, and insurance premiums. Generally, the borrower has up to one year from the foreclosure sale date to redeem the property.
1Catch up on past-due balances.2Apply for a loan modification.3Consider a short sale or deed in lieu of foreclosure.4File Chapter 13 Bankruptcy.5What about Chapter 7 Bankruptcy?
Learn how foreclosures in Alabama work. The method will most likely be nonjudicial, although judicial foreclosures are also allowed. Alabama law specifies how nonjudicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure.
1Phase 1: Payment Default.2Phase 2: Notice of Default.3Phase 3: Notice of Trustee's Sale.4Phase 4: Trustee's Sale.5Phase 5: Real Estate Owned (REO)6Phase 6: Eviction.7The Bottom Line.
Currently, 22 states in the U.S. only allow banks to attempt judicial foreclosures, including Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, Virginia, and
Alabama law generally gives homeowners a one-year redemption period after a foreclosure sale. But state law gives homeowners a 180-day redemption period after the foreclosure sale for homestead propertiesif proper notice about the right to redeem was given and the mortgage was taken out on or after January 1, 2016.