Clay Foreclosure Lawyers

Clay Foreclosure Lawyers, AL

Find the Right Lawyer Now

The Foreclosure Process in Alabama

In Clay, 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 person who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

Foreclosure most often is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will usually 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 allows homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a process 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 known as a "non-recourse loan." While the regulations governing these loans are complex, it most basically 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 Clay, Alabama

To avoid foreclosure, communicating with your lender is key. Let's face it - if you're in a situation where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's difficult to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You must keep in mind that banks are in the business of lending money, not flipping property: the bank doesn't really want your house. To that end, they'll sometimes go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, especially if this means that they will be able to get some payments, instead of none at all.

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 proceeds 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 discharged.

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

Can a Clay, Alabama real estate attorney help?

If you feel that your home is close to being foreclosed in Clay, Alabama, and want to try to prevent this, the advice and assistance of an experienced real estate lawyer can mean the difference between keeping or losing your home.

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 Ayn T.

Ayn T.

Jefferson, AL

Family Law

Rating (1 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Sid H.

Sid H.

Jefferson, AL

Family Law

Rating (17 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 Paul S.

Paul S.

Dekalb, AL

General Practice

Rating (1 users) *****
See Reviews

Need a Real Estate Lawyer?

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

Clay foreclosure lawyer, Clay foreclosure attorney, Clay foreclosure lawyers, Clay foreclosure attorneys, foreclosure attorney in Clay