MLS 251294$115,000May Be Subject To Alabama Right Of Redemption

Foreclosures is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified in the mortgage agreement. One month after the homeowner misses a mortgage loan payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner misses a mortgage payment, presuming the mortgage is still delinquent, and the homeowner has not made up the missed payments within a particular grace period, the lender will start to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days late.

Each state has their own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's selections for bringing the loan current and avoiding foreclosures, and the procedure for marketing the property. In 22 states – including Florida, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by demonstrating the borrower is overdue.

If the foreclosure qualifies, the local sheriff sales the house to the highest bidder to try and recoup what the bank is payable, or the bank becomes the owner and offers the house through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed repayment through the lender's sale for the home, usually requires 480 to 700 times, based on the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is often faster and really does not go through the courts unless the home owner sues the lender.

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