Alabama Foreclosure Laws

As we look at the foreclosure laws in the state of Alabama the quick legal summary is that Judicial and Non-Judicial Foreclosure is available here in the state. The primary security instrument for property held in the state of Alabama is the Deed Of Trust and a Mortgage. AS for the length of time to foreclose, it can take anywhere from 30 to 60 days to complete the foreclosure proceedings.

There is the right of redemption in Alabama so the party has the right to reacquire property that has been lost in a foreclosure and the law allows for a deficiency judgement, which holds the foreclosed party liable for any amount that is not reclaimed in the foreclosure.

The lenders that are governed by the laws of the state of Alabama are allowed to foreclose ant property that is secured by either a mortgage or a deed in trust and are slowed to do so either judicially or non-judicially.

The non-judicial proceedings will follow the “Power of Sale Foreclosure Procedure” for that state. This means that if the deed of trust or mortgage has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. However, if the power of sale clause, does not clarify the time, place and terms of sale, then a foreclosure sale may be held at the courthouse door of the county where the property is located, after default of the deed of trust or mortgage, for cash to the highest bidder.

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