Alabama Foreclosure
Alabama Foreclosure law is one of the flexible foreclosure laws in the sense that it provides for both judicial as well as non judicial foreclosures. It also accords right of redemption subject to conditions fulfilled within twelve months from the date of foreclosure sale. The primary instrument of security is deed of trust; mortgage.
The lender files a law suit seeking court order for foreclosure in the absence of a clause in the deed of trust that gives the lender ‘power of sale’. In a non judicial foreclosure the lender can initiate foreclosure sale armed with ‘power of sale’ in the mortgage or deed of trust in the event of borrower defaulting on his payments. Typically timeline is between a month and two. Alabama Foreclosure allows for Deficiency Judgment.
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