Articles Posted in Mortgage/Foreclosure

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I was speaking with an experienced real estate professional the other day and the comment was made to me that probate judges in Alabama decide whether a foreclosure will happen or not.

So I wanted to address this issue or question.

How does a foreclosure happen in Alabama?

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As you probably know, my law firm represents many Alabama consumer who sue mortgage companies such as Bank of America. Well, today I received a letter from Bank of America.

I opened it up and it was addressed to me and said that BoA recognized that I represented my client and they wanted to send the letter to me.

I was puzzled as there was no “consumer” or “homeowner” name listed.

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If you’re facing a foreclosure in Alabama, one option is to do what is called a deed in lieu of a foreclosure. In essence, this means you give the deed to the mortgage company instead of the mortgage company taking the deed through a foreclosure.

Here’s an example to illustrate this — Bob and Jenny and Wells Fargo.

Bob and Jenny have a house in Birmingham and they owe $300,000 on their mortgage to Wells Fargo. They have encountered financial difficulties and have not been able to get a loan modification and they are now facing a foreclosure.

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If you are facing a foreclosure in Alabama, one option to avoid a foreclosure is to do a “short sale” which is where you sell your home for less than what you owe the mortgage company.

Why is it called a short sale?

Because you are looking to sell your house for less than what you owe.

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