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Caseyajb03, Home Buyer in Lexington, AL

WHAT IS RIGHT OF REDEMPTION BASICALLY AND HOW LONG IS ALABAMAS?

Asked by Caseyajb03, Lexington, AL Wed Nov 16, 2011

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Rodney Mason’s answer
The Right of Redemption is for 12 months for foreclosures in AL. If the owner got foreclosed upon, there is not a very good chance that they would ever be capable of redeeming it in the 12 months.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortage programs including:
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Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Nov 16, 2011
Here is a good answer from a Google search:

The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt. Most U.S. states have a statutory provision that allows such a reclamation of property.

Yes, Alabama has astatutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs within twelve (12) months after the sale. A Deed in Lieu of Foreclosure does not provide a right of redemption nor does it permit a deficiency judgment.
0 votes Thank Flag Link Wed Nov 16, 2011
Go to this site..........
0 votes Thank Flag Link Wed Nov 16, 2011
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