What is Foreclosure in Jacksonville, Alabama?

Jacksonville Foreclosure Lawyers, AL

Find the Right Lawyer Now

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Jacksonville, Alabama debtor has repeatedly failed to make their payments. Foreclosure normally requires the house to be sold at an auction. Normally, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In all states in the United States, including Alabama, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Jacksonville, Alabama attorney to see if this state is one of them.

How Can I Avoid Foreclosure in Alabama?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is critical to remember that the bank does not really want your Jacksonville house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

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

How Can A Jacksonville, Alabama Attorney Help?

If you are worried about foreclosure, a good Jacksonville, Alabama real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

6 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Jacksonville

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.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

Los Angeles West, AL

Bankruptcy, Banking and Credit

Rating (17 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Scott J.

Scott J.

SHELBY, AL

Bankruptcy, Banking and Credit

Rating (4 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Ayn T.

Ayn T.

SHELBY, AL

Family Law

Rating (1 users) *****
See Reviews
Personal Injury Lawyer
LegalMatch Personal Injury Lawyer Johnny P.

Johnny P.

HILLSBOROUGH, FL

Personal Injury

Rating (2 users) *****
See Reviews

Need a Bankruptcy Lawyer?

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