What is Foreclosure in Tuscaloosa County, Alabama?

Tuscaloosa County Foreclosure Lawyers, AL

Find the Right Lawyer Now

Foreclosure is the legal procedure 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 Tuscaloosa County, 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 gather as much money as possible.

In all states in the U.S., including Alabama, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult a attorney in Tuscaloosa County, Alabama to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Alabama?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make a issue go away. You should stay in touch, and be straightforward with, your creditor as much as possible. It is essential to remember that banks don't really want to own homes in Tuscaloosa County. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

Find a Tuscaloosa County Lawyer that Specializes in Your Area of Need:

How Can A Tuscaloosa County, Alabama Attorney Help?

If you think foreclosure is imminent, a good Tuscaloosa County, Alabama lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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 DeeAn G.

DeeAn G.

Maricopa Southwest, AZ

Family Law

Rating (13 users) ****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Kenneth G.

Kenneth G.

Atascosa, TX

Family Law

Rating (2 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Bruce C.

Bruce C.

Fort Bend, TX

Employment and Labor Law

Rating (5 users) *****
See Reviews
Criminal Law Lawyer
LegalMatch Criminal Law Lawyer Julian P.

Julian P.

Monroe, MI

Criminal Law

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

Need a Bankruptcy Lawyer?

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