Do you live in Dothan, Alabama or the Surrounding Area of Wiregrass? Are you in the midst of foreclosure proceedings? Have you fallen behind on your mortgage payments?
Foreclosure can be a challenging time for any family or homeowner. Equally disconcerting are the circumstances that lead to the inability to make mortgage payments. The loss of employment, lay-offs, furloughs, lost income, sudden expenses, and even bankruptcy can have anyone struggling to keep a roof over their heads.
In the state of Alabama, the law requires due process to be exercised before implementing a foreclosure. For you, this means you have a certain window of time at stopping foreclosure.
Halting foreclosure will not be easy and is a complicated process. To ensure the best possible results, you will need an experienced Alabama-based lawyer who is well-versed in foreclosure proceedings. In Alabama, the Gil Law Firm has helped thousands keep and stay in their homes. We have assisted many homeowners in halting foreclosure.
Choose Gil Law if you plan on appealing foreclosure or negotiating your situation with the courts and the bank.
Foreclosure in Alabama
The Federal Government has luckily issued several moratoriums on several available debt payments in light of the COVID-19 pandemic. In other words, if you have student loans or even a mortgage, it is likely that payments are deferred to a future date.
However, there are two caveats to this:
First, foreclosure relief only applies to federally-backed home loans. Hence, if you took out a mortgage from a private lender, the relief does not apply to you.
Second, the moratorium is effective only until the 1st of June 2021. Unless there is an extension, you will have to resume mortgage payments after this date.
In any case, foreclosure prevention is still in your best interest. Foreclosure in the state of Alabama is not different from that of many other states. What differentiates Alabama from other states is the foreclosure process.
In Alabama, the process will depend on the type of foreclosure you are facing. There are two types. One is a judicial foreclosure and the other is a non-judicial foreclosure.
How Does the Foreclosure Process in Alabama Work?
The foreclosure process depends greatly on whether lenders proceed via judicial or non-judicial foreclosure. In most cases, lenders will opt for non-judicial foreclosure due to its speed and cost-effectiveness. Here is why:
A judicial foreclosure is a court-mediated process. In a judicial foreclosure, lenders file a suit against the person who fails to regularly make mortgage payments. The goal for the lenders is to obtain permission to sell the foreclosed property. Once the lender files the lawsuit, the court issues a notice to the borrower. The borrower has to respond in writing if he or she wishes to dispute the suit.
As a court proceeding, a judicial foreclosure takes time. This is where a non-judicial foreclosure comes in. It is a less costly way for a lender to be able to sell a foreclosed property in the state.
In a non-judicial foreclosure, the proceedings are between the lender and the borrower (you). The proceedings do not require the lender to go to court for the foreclosure. He or she does, however, need to notify you of the foreclosure.
This is done with a breach letter. You will likely also receive an invitation to challenge the foreclosure. You will be given 30 days before the date of the foreclosure sale to make your case against it.
We Can Protect Your Rights in Alabama
We Can Protect Your Rights in Alabama
Alabama state law requires mortgage lenders to provide you with an opportunity at stopping foreclosure. Foreclosure protection measures in Alabama are a way for loan owners and borrowers to agree on alternative ways to pay off a mortgage. This way, losses are minimized for both parties and you will be able to remain in your home as you continue to pay your mortgage.
With foreclosure laws as they are, you are afforded the following rights during foreclosure proceedings. We can help you with:
- Ensuring that you receive a breach letter
- Loss mitigation proceedings
- Taking part in foreclosure mitigation proceedings
- Determining and negotiating alternative repayment options
- Filing for bankruptcy
- Appealing foreclosure
- Receiving money from a foreclosure sale if you have built enough equity prior to the foreclosure