Foreclosure is the process by which a mortgagee, or lender, takes ownership and possession of the real estate that was used as collateral for the mortgage (such as through home foreclosure). The same process applies to individuals or entities known as vendors, who convey property but retain a vendor’s lien in the deed for the property until the purchase price plus interest is paid in full. In Alabama, most mortgage instruments give the mortgagee, or vendor, the right to “call due” the entire balance of the loan if you fall behind on just one payment.
The law is very specific as to what steps that mortgagees and vendors must complete prior to initiating foreclosure proceedings. The Grand Bay, Alabama attorneys at Gulf Coast Attorneys LLC are experienced foreclosure attorneys who assist the people of the Mobile area with foreclosures.
Contact us for a consultation regarding your foreclosure. We look forward to meeting you.