Can I be face foreclosure, in Alabama, for missing three payments? What if I catch-up on my payments?
In Alabama, can I be foreclosed on my home for missing three payments? My mortgage is held by a private citizen and he is giving me no recourse to pay the back months. What are my options? I have been in the home for 5 1/2 years and have always paid my mortgage until I was laid off and became ill.
A mortgage is a written pledge of property used as security for the repayment of a loan. The property you purchase is the collateral for the mortgage. If a debtor fails to make payments on the loan, the creditor can repossess your home. As a result, the creditor has legal rights to the property as the debtor pay off the mortgage. However, debtor has rights, too.
Determine Your State's Anti-deficiency Laws for Mortgages
Alabama, like many other states, allows a debtor of a mortgage to catch up with their delinquent payments. In law, this called redemption. Should the creditor here fail to allow the homeowner to redeem the creditor would be in violation of Alabama Section 6-5-248.
Review Your Options for Resolving Debt
Debt distressing you? The Bills.com Debt Coach is a no-cost online tool that will analyze your debts and show you the options available to resolve them and the costs and benefits of each.
I urge you to consult with an attorney in your state who has experience in real estate law. If you cannot afford an attorney, see if there is a local legal aid organization that can help you.
I hope this information helps you Find. Learn & Save.