Every foreclosure in Alabama has a one year right of redemption, which begins at the date of foreclosure. The only way to avoid it is to purchase a foreclosure for which the rights have already expired. Another alternative is to focus on short sales. That is a distressed sale, like a foreclosure, but the homeowner is trying to avoid foreclosure by selling it for less than what he/she owes before it is foreclosed. If you purchase a short sale, you don't have to worry about rights of redemption at all.
I'd be happy to help you find a great home and answer any further questions you have. You can reach me at (251) 459-4764 or email@example.com or www.facebook.com/propertyspecialist.... more
You can watch the registry of deeds in your area or check with the registry for daily recordings of deeds. You can also have someone search teh mls for you to see if it is posted as a sale and lastly check with the town and city when they update the tax card, it will have sale info,... more
You can go to http://www.CliftonHenderson.com for my current REO listings. I can set you up with
an email alert system that will email you the newest foreclosure for the Mobile or Baldin county area.
If you have a specific search parameter, let me know and I can set up a specific search just for your
needs. I can also email you the current list, (Its rather large, easier if you narrowed the parameter down
to what you are looking for)
Deed in lieu means you voluntarily give the deed back to the bank. It is still a form of foreclosure and it has a big impact on one's credit score. The credit hit would be much more detrimental than doing a short sale. Lenders can file for deficiency judgment from either deed in lieu or short sale and they both may generate taxable income from the unforgiven debt. You can read more in detail about the differences here: http://www.nolo.com/legal-encyclopedia/short-sales-deeds-lieu-foreclosure-30016.html
Hope this helps!... more
You can contact a lender to see if you can get it refinanced with better terms that will pay off the loan you have now. It is going to be hard to get a new home with a foreclosure deed being recorded or if you have had late payments. You can always contact a lender to see. I would contact a mortgage lender rather than a mortgage broker. If you need the information of someone to contact you can give me a call at 656-7950. Hope this helps you out!... more