Opelika Foreclosure Lawyers

Opelika Foreclosure Lawyers, AL

Find the Right Lawyer Now

The Foreclosure Process in Alabama

In Opelika, 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 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.

In all states in the U.S., including Alabama, borrowers have the option of foreclosure by judicial sale. This allows a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will cover the full balance of the mortgage, preventing them from having to pay it.

In some states, original mortgages are considered "non-recourse" loans. This means that once the house or other property that secured the mortgage is sold, and if it sells for less than the balance of the mortgage, the lender has to absorb the loss, and cannot sue the borrower for the remainder. This typically does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Opelika, Alabama

Communication between you and your lender is perhaps the most important way to avoid 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 primarily 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 immediately. You might find that they are willing to accept lower payments, if this will prevent 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 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 excused.

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

Can a Opelika, Alabama real estate attorney help?

If you are facing foreclosure in Opelika, Alabama, and want to do everything practicable to save your house, the assistance of a knowledgeable real estate lawyer might prove invaluable.

27 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Opelika

Foreclosure Attorneys in the Largest AL Cities

Show Alabama Cities

Foreclosure Lawyers in Other Alabama Cities and Towns


Find the Right Lawyer Now

Need a Real Estate Lawyer?

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

Opelika foreclosure lawyer, Opelika foreclosure attorney, Opelika foreclosure lawyers, Opelika foreclosure attorneys, foreclosure attorney in Opelika