You can read the actual opinion and our analysis on a wonderful Alabama Supreme Court order that clearly establishes that, under most mortgages, a letter must be sent to you before the mortgage company accelerates your mortgage.
This is something that we have been arguing and that we always believed but there was some doubt as to which way the court would go. We are thankful the Alabama Supreme Court simply applied the plain language of the contract (mortgage) and did not accept the mortgage bank industry’s argument to ignore contracts.
Our Alabama Supreme Court is a conservative court that does not intend to “legislate” from the bench — instead it simply desires to apply the law as it is written and enforce contracts as they are written.
Many in the mortgage industry thought the Supreme Court would do whatever was helpful to the mortgage industry — nice to see that this was a mistaken belief.
If you are facing, or have faced, a foreclosure, look at your note and mortgage and see what happened so you can be better equipped to make decisions on whether to take any action or not against a mortgage company that has improperly and wrongfully foreclosed against you.