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What is the right of redemption law for foreclosed properties in Alabama?

What is the right of redemption law for foreclosed properties in Alabama?

Q: What is the right of redemption by purchase?

The right of redemption by purchase refers to the ability of a mortgagor to buy back their foreclosed property after a foreclosure sale. In Alabama, this right lasts for one year after the sale, allowing the mortgagor to reclaim the property by paying the purchase price at which it was sold.

Q: What is a 6 month redemption period on foreclosure?

In Alabama, the standard redemption period for foreclosed properties is one year. However, some states have a six-month redemption period, which allows the mortgagor to reclaim their property within six months of the foreclosure sale. This is not applicable in Alabama, where the period is longer.

Q: What is the code 6 5 248 in Alabama?

Alabama Code § 6-5-248 pertains to the right of redemption in foreclosure cases. It outlines the process and conditions under which a mortgagor can redeem their property after a foreclosure sale. This law is essential for understanding the rights of homeowners facing foreclosure.

Q: What is the Alabama Code 6 5 485?

Alabama Code § 6-5-485 addresses the procedures related to the right of redemption for mortgagors in foreclosure situations. It specifies the time frame and conditions under which a property can be redeemed after a foreclosure sale, ensuring that homeowners have a chance to reclaim their property.

Full question:

What is the current right of redemption law in Alabama concerning the purchase of a foreclosed property?

Category: Real Property
Date: 04/07/2025
State: Alabama

Answer:

In Alabama, when a property is foreclosed, the mortgagee holds legal title, while the mortgagor retains an equitable right of redemption until the foreclosure sale. According to Alabama law, once a foreclosure sale occurs, the mortgagor's equitable right of redemption ends. If the purchase price at the foreclosure is less than the debt, the debt is extinguished only up to the purchase price. If the purchase price exceeds the debt, the entire debt is extinguished. After the sale, the purchaser holds legal title to the property, but the mortgagor has a one-year statutory right of redemption.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the right of redemption on a foreclosure in Alabama?

In Alabama, the right of redemption allows a mortgagor to reclaim their foreclosed property. This right exists until the foreclosure sale occurs. After the sale, the mortgagor has a one-year statutory right of redemption, meaning they can repurchase the property at the sale price. This right is only applicable if the property was sold at a foreclosure auction.

What is the right of redemption by purchase?

What is a 6 month redemption period on foreclosure?

What is the code 6 5 248 in Alabama?

What is the Alabama Code 6 5 485?

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