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.