When you or a loved one is facing the daunting prospect of a foreclosure, it is imperative to be made aware of your state's laws and guidelines.  Mitigation Online Consultants specializes in foreclosure prevention, loan modifications and mortgage mediation processes.  Following is a list of information for those who live in Alabama; other states can be researched on our website as well.

Quick Reference for Alabama:

 

· Judicial Foreclosure Available:  Yes

· Non Judicial Foreclosure Available: Yes

· Primary Security Instruments:  Mortgage, Deed of Trust

· Timeline:  Typically 30-60 days

· Right of Redemption:  12 months

• Deficiency Judgments Allowed:  Yes

 

In the state of Alabama, a lender may opt to foreclose on deeds of trusts or mortgages in default, by way of either a judicial or non-judicial process.  A judicial foreclosure involves filing a lawsuit in order to obtain a court order to foreclose on a property.  A judicial foreclosure is generally used when no power of sale exists in the mortgage or deed of trust.

A non-judicial foreclosure is utilized when a power of sale clause exists in a mortgage or deed of trust, wherein the borrower pre-authorizes the sale of property to satisfy the loan balance in the event of a default.

Visit http://www.mitigationonlineconsultants to learn more about your state's regulations regarding the foreclosure process, and to receive help from experienced professionals in the field of loan modification.