In today's economy, many people are struggling to keep their homes and some are even facing foreclosure. Foreclosure is the process by which a mortgage company or lender reclaims a home or property to recoup the unpaid balance on a mortgage or loan. The foreclosure process varies state to state.
To begin a foreclosure in Alabama, normally a lender will have their attorney send a certified letter to the home owner notifying the owner of the intent to foreclosure. Next, the lender must run a Notice of Foreclosure for four weeks in a local newspaper in the county in which the property is located. This Notice of Foreclosure must state the home owner’s name, property address, the time and place of sale of the foreclosed home. Typically, the foreclosure sale is conducted on the courthouse steps of the county where the property is located. Many times no one comes to the foreclosure sale and the lender actually purchases the property. The property is then usually listed with a local realtor for sale. The home is usually sold by the lender to a 3rd party for less than what is owed on the note.Once a debtor has received a Notice of Foreclosure, the lender may foreclose on the home in as little as 30 days. In addition to losing your home, generally lenders can come after you for the unpaid balance of the mortgage once the home has been foreclosed on and re-sold. However, and most importantly, once the home is sold at the foreclosure sale, we cannot force the lender to return the home. We can only stop the foreclosure BEFORE the property is sold.
What can you do to stop the foreclosure process? Filing Chapter 13 bankruptcy could save your home! Chapter 13 may allow you to catch up back house payments through a Chapter 13 repayment plan and still keep your home! Chapter 13 allows you to put the amount you are behind on your mortgage in the repayment plan, while making all future house payments in full and on time. If you are facing foreclosure, behind on your mortgage payments and worried about losing your home, call The Sellers Law Firm. The longer that you wait the more you incur foreclosure fees by the lender. Do not wait until your home has been taken! We cannot reclaim your home from the lender after the foreclosure sale. At The Sellers Law Firm, we have helped thousands of individuals and families statewide save their homes, their cars and their hard earned wages. Having an attorney who knows how to protect you and your property is vital. Call today to schedule your free consultation! Doing nothing, changes nothing!
Remember, The Sellers Law Firm has offices in Montgomery, Selma, Greenville, and Troy. We are located near you so call us at 334-LAWYERS (334-529-9377) today!