“Do I have to file a temporary restraining order (TRO) to stop an Alabama foreclosure?”
This is a question that we receive often in our practice.
Consumers will come to us and usually say, “My house is going to be foreclosed on in 7 days, and the only option I have is to file a temporary restraining order.”
This simply isn’t the case.
Filing a TRO isn’t a new idea, but it’s something that rarely is done these days.
We’ve… (Read more)
“Why does my mortgage company ask for the same documents over and over during a loan modification?”
This is a ridiculously frustrating situation to be in when you’re trying to save your Alabama home.
When you’re facing foreclosure, taking action is important.
You’re looking into loss mitigation, specifically a loan modification.
The mortgage company asks you to fill out a form, so you fill it out and send it to them. They also say that they need your tax forms,… (Read more)
“What’s the difference between the mortgage, deed, and note in Alabama?”
These are important terms to know, especially when we’re facing foreclosure in Alabama.
The note is the debt that you owe.
That’s the money you’ve borrowed, and need to pay back.
You may be wondering, “Well, is this just an unsecured debt? Like a credit card payment?”
No, it’s a secured loan.
The debt is secured by the mortgage.
The mortgage ties the debt to the dirt.
It’s how… (Read more)
“If I’m facing foreclosure in Alabama, does my mortgage company have to give me a loan modification?”
This question comes up from time to time, and we would like to take a moment to talk about it today — are you entitled 100% to a loan modification?
The answer is no.
There’s no absolute guarantee, or right, to get a loan modification.
As an example, we had a potential client who owed over a million dollars but insisted that she… (Read more)
“What are the legal foreclosure hours in Alabama?”
Well, it’s not the entire day or business day.
The legal hours of a foreclosure sale start at 11 am and go until 4 pm.
There are a couple implications that come along with these hours.
The main implication is that, if they conduct the foreclosure sale outside of these hours, the sale is no good.
“What if they do the foreclosure sale at 8 am?” No good.
Foreclosure sales have to… (Read more)
“What happens at the actual foreclosure sale in Alabama?”
There will be someone to conduct the foreclosure — it can be an “auctioneer” or a foreclosure lawyer. Usually an auctioneer.
The auctioneer will stand there with a piece of paper that lists the auction, and then will read it to “conduct” the auction, and interact with the bidders.
Usually, the mortgage company is the highest bidder, however, every once in a while it’s an investor or someone who’s interested in… (Read more)