Alabama Conducts Judicial As Well As Non Judicial Foreclosure

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Non judicial type of foreclosures is more common in Alabama than judicial foreclosures. The processing period in case of Alabama foreclosures normally varies from 50 days to 74 days which is approximately 2 months on an average. The sale publication period is normally about 21 days. The owner also has a right of redemption which is normally of one year. The good part of Alabama foreclosures is that deficiency judgments are permitted in the state.

The Alabama foreclosure is governed by the law stated in Title 35 (Property) Articles 1, 1A, 2, 3 35-10-1. In case of judicial foreclosures one has to file a lawsuit in the court to obtain an order for the foreclosure. This is often used when there is an absence of power of sale in the mortgage deed. However in such type of cases the lender may avoid filing a lawsuit and then they can foreclose by selling the property.

In case there is no power of sale in the mortgage deed, the lender has a right to file a lawsuit to foreclose the property by selling it to the person with the highest bid for cash at the county. However such type of a sale can take place only after a notice is served regarding the time, place, purpose and terms of sale. This notice has to be published for at least 4 consecutive weeks in a reputed newspaper.

In case of power of sale, the procedure must be carried out at a specified place and time which is mentioned in the mortgage deed. If there is no time, place or terms of sale mentioned, then the sale can take place at the courthouse of the county where the property is located. However the sale can take place only after 30 days of the notice period published in the newspaper


About the Author:
Investing on foreclosure homes is a great way of putting the current mortgage crisis in the United States on a more positive light. If you are looking into investing on Alabama foreclosures for sale, we have extensive listings on foreclosures for sale on our website.



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