Alabama Foreclosures and Foreclosed Homes for Sale

Non-judicial foreclosures are the most common type of foreclosure in Alabama, although occasionally lenders must go through the courts to obtain authorization to sell the home at auction. Normally, the entire foreclosure process takes between two to three months in Alabama, due to the ease of the non-judicial system.

The steps taken in the foreclosure process are dependent on the wording found in the current mortgage. For example, some mortgages contain a clause which requires lenders to send a notice of default prior to foreclosure, although this is not required by state law. In addition, Alabama makes provisions for homeowners in default to have the right to pay the full amount of the debt anytime prior to the sale of the home to stop the foreclosure process, unless prohibited by the mortgage.

One of the best places to find properties which will be up for auction soon is in the local newspaper, or at the county courthouse. Lenders are required to publish a notice of sale in one of these places for a minimum of three weeks. These notices will contain all the pertinent information about the property, including a thorough description, as well as the time, place, and terms of the auction.

The winning bidder on the date of the auction will be furnished with the deed to the property upon payment. While the process is relatively straightforward, it is a good idea to involve an experienced real estate agent, as the previous homeowners retain the right to redemption for up to one year after the auction date. Having a knowledgeable professional on your size may help you protect your new investment.

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