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.
Each state legislature created unique foreclosure and anti-deficiency laws. Follow the links just mentioned to learn the foreclosure rules that apply in your state
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.
