law that makes it illegal to have your property foreclosed

The entire amount owed is due now - instead of being due over the next 25 years or so it is “accelerated” to be entirely due right now.If you don’t fix or cure the default in the time period allowed, then you will receive the “acceleration letter” which says: (Often this will not be in the letter which can make the whole foreclosure invalid). And normally it must tell you that you have the right to bring a court action to have your defenses heard.How long you have to cure the default (almost always 30 days).What you must do to fix or “cure” the default.What you are in default of (lack of payments, lack of insurance, etc).This is the time when the mortgage company – normally known as the mortgage servicer – notifies the consumer that the loan is being accelerated and that a foreclosure sale will occur in 30 or more days.įirst, a “default letter” has to be sent which tells you: These are three main stages to a foreclosure in Alabama: We have written this article to give you an overview of these three typical stages in an Alabama foreclosure. So when someone in Alabama says they are “facing a foreclosure,” this can mean different things because we really have three stages to a foreclosure.

(Important - you can sue your mortgage company before the actual foreclosure sale to turn it into a “judicial” type of foreclosure). This is different from judicial foreclosure states such as Florida.

Share Tweet Pin Mail What are the three stages of a foreclosure in Alabama? IntroductionĪlabama is a non judicial foreclosure state which means that a foreclosure does not have to go through the court system.

Law that makes it illegal to have your property foreclosed