In 2008 when the economy took a downturn, my house, along with many other people’s homes, went into foreclosure because I could not make the payments. If you do not pay what you owe, a Notice of Sale is recorded (at least 90 days after the Notice of Default is recorded). Where it is available, foreclosure by power of sale is generally a more expedient way of foreclosing on a property than foreclosure by judicial sale.
A tenant may find out that their rental home is being foreclosed when an appraiser comes by the residence to appraise the property in preparation of a sale. There will be starts and stops along the way, and the sale can fall through at any time. Requests must be delivered in person or by mail and received in the main tax office at 5501 Airport Blvd at least 5 business days before the date of the sale.
We lost our home of 25 years in Birmingham to a wrongful foreclosure driven by associates of Bob Riley and Luther Strange and Jeff Sessions. But most lenders prefer this process anyway because it is much faster and less costly. Rancor gave way to reason, however, and just before the day fixed for the foreclosure sale the matter was settled.
In some states, you may be required to pay a portion of your mortgage debt even after the home has entered foreclosure. The UCC Redemption Book gives you step by step instructions on how to prepare your UCC-1 Financial Agreement and your Commercial Lien, Security Agreement, Hold Harmless, Power of Attorney and Copyright Notice documents.
When considering a foreclosure purchase, homebuyers should be prepared to act quickly, but not be in any particular hurry to complete the sale. If a non-owner pays the taxes prior to the foreclosure auction, it does not convey rights to the property to that person.