Calera Foreclosure Lawyers

Calera Foreclosure Lawyers, AL

Find the Right Lawyer Now

The Foreclosure Process in Alabama

In Calera, Alabama, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

Foreclosure most frequently is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will typically try to get rid of the property as quickly as they can, selling it for as much money as they can get in a short period of time.

Like every other state in the U.S., Alabama permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In a large number of states, but not all of them, mortgages are a type of loan identified as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Calera, Alabama

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Alabama, the remaining debt is excused.

Find a Calera Lawyer that Specializes in Your Area of Need:

Can a Calera, Alabama real estate attorney help?

In Calera, Alabama, dealing with a possible foreclosure is never easy. However, the assistance of a reliable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

7 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Calera

Foreclosure Attorneys in the Largest AL Cities

Show Alabama Cities

Foreclosure Lawyers in Other Alabama Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Family Law Lawyer
LegalMatch Family Law Lawyer Sid H.

Sid H.

Shelby, AL

Family Law

Rating (17 users) ****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Ayn T.

Ayn T.

Shelby, AL

Family Law

Rating (1 users) *****
See Reviews
Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer John (J.D.) H.

John (J.D.) H.

Mobile, AL

Real Estate, Housing & Property Law

Rating (1 users) **
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer Jesse H.

Jesse H.

Montgomery, AL

General Practice

Rating (4 users) *****
See Reviews

Need a Real Estate Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now:

Calera foreclosure lawyer, Calera foreclosure attorney, Calera foreclosure lawyers, Calera foreclosure attorneys, foreclosure attorney in Calera