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The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
25 Οκτ 2023 · In this article, you'll find details on foreclosure laws in Alabama, with citations to statutes so you can learn more. You can find Alabama's foreclosure laws in the Code of Alabama §§ 35-10-1 to 35-10-30, 6-5-247 to 6-5-257. Statutes change, so checking them is always a good idea.
about foreclosure. A: Foreclosure is the method used by a lender (such as a bank or mortgage company) to take ownership and possession of the property used to collateralize your mortgage if you get behind in your payments. In Alabama, lenders do not have to sue you in court first in order to foreclose on your property. Lenders
3 Απρ 2024 · Real estate owned (REO) property is owned by a bank, government organization, or another lender after an unsuccessful sale at a foreclosure auction. Learn how it works.
5 Αυγ 2024 · "Foreclosure" is the legal process where a lender sells a property to satisfy a mortgage debt after the borrower defaults. The home is sold at a public auction at the end of the foreclosure. Usually, the foreclosing lender is the only bidder at the sale and becomes the property's new owner.
Foreclosures in Alabama are nonjudicial, meaning the lender can foreclosure under a power of sale clause in the mortgage contract without going to court. For a rundown of the key features of Alabama foreclosure law, read the articles below.
