You have been foreclosed in Alabama and now you have been sued by the law firm of Sirote & Permutt or some similar firm in an “ejectment” lawsuit in a Circuit Court of Alabama. Suddenly the mortgage company files a “Motion for Summary Judgment” telling the court that there are no material issues of fact in dispute and the law is clear that the mortgage company should win.
And by “win” we mean that you will be ordered out of… (Read more)
This is a situation that is growing — you are facing foreclosure on your Alabama home that is underwater (you owe more than it is worth) and you are not sure you want to keep your home. The time pressure of the foreclosure is growing on you and you are getting conflicting advice. What are your options?
First Option — Let the Foreclosure Happens
This is the option of doing nothing — you let the foreclosure date approach and then… (Read more)
In Alabama, your right of “redemption” is the right that you have, under certain circumstances, to redeem or buy back the property from the current owner.
You normally need to move out within 10 days of the Alabama foreclosure (non judicial) sale to preserve this right to redeem and you also will have to pay the new owner back for the amount of the foreclosure sale and necessary improvements along with interest.
As a practical matter, few people can afford… (Read more)
A deed in lieu of a foreclosure is one technique to avoid a foreclosure (non judicial foreclosure in Alabama) — it is where you give the deed back to the mortgage company instead of (in “lieu of”) the mortgage company foreclosing on you.
If you are interested in this approach, be careful about what the settlement language actually says between you and the mortgage company.
Will you owe any type of deficiency for the difference between the value… (Read more)
After a foreclosure, you will think about whether you should stay in your home by fighting the mortgage company or whether you should leave. We suggest Alabama homeowners consider the following four factors in making this decision:
Economics — does it make dollars and cents to stay? Do you have equity? Can you afford your home? Will you have the ability to redeem your property later?
Non economic factors — emotional attachment to your home; closeness of family and friends… (Read more)
Alabama law requires that non judicial foreclosures must be held at the door to the main entrance of the court house (where the property is located) between 11 am and 4 pm. If the sale is not held at the proper place or at the proper time, then it is not effective so make sure that the foreclosure is conducted properly.
Alabama Code Section 35-10-14 states as follows:
The power to sell lands under this article must be exercised at… (Read more)