Foreclosure in Daphne>Question Details

Now What?, Home Owner in Daphne, AL

Mortgager told homeowner that he could stay in the home for 1 year after foreclosure and still redeem the property. Can the lender be held to this?

Asked by Now What?, Daphne, AL Mon Mar 14, 2011

Borrower has mortgager on voice recording.

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3
Joyce Fields’ answer
My understanding is that the right of redemption is usually forfieted if the owner does not vacate by the date stated on the foreclosure notice. Regardless, I would think that the owner should get the mortgager's promise in writing.
0 votes Thank Flag Link Wed Mar 23, 2011
The lender gets to make and change all the rules at their sole discretion.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Mon Mar 14, 2011
The State of Alabama does have a one year Right of Redemption on foreclosed properties. Typically, the home owner would have to leave once the foreclosure is completed. An eviction would be required if they do not leave voluntarily.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes Thank Flag Link Mon Mar 14, 2011
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