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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If you are facing foreclosure or have already been foreclosed, you need to think very seriously about whether it makes sense to fight while staying in your home. I’m all about wanting to fight the mortgage companies but it has to be done in a smart way and in a way that makes financial sense for you as the homeowner.

We only fight mortgage companies when the mortgage company has violated the law. So in this discussion we take it as a given that the mortgage company has done something wrong to you.

So you have a legal right to fight back to either stop the foreclosure or to perhaps undo the foreclosure.

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