Alabama Foreclosure Law Summary

Most Common Method of Foreclosure: Power of Sale.

Preforeclosure Notice
Number of Notices: One
Type: Notice of Sale

Amount of Notice Required: Thirty days prior to sale.

Content of Notice: Time, place, and terms of sale.

Method of Service: By publication once a week for three consecutive weeks.

Redemption: Within one year after foreclosure by paying the purchase price to the buyer plus interest and costs, but borrower loses the right to redeem unless he or she surrenders possession within ten days after foreclosure sale.

Deficiency: A deficiency judgment is obtainable.

The following is an interesting article pertaining to the rate of foreclosures in the Midwest. The state of Ohio continues to lead in this category based on the 10 states identified within the greater Midwest.

As the homeownership outlook grows grimmer nationwide, the Midwest leads the country in per-capita foreclosures, according to Foreclosures.com.

The Sacramento, Calif.-based real estate listing service said Monday that Ohio and 10 nearby states had a foreclosure rate at the end of July of 0.54 percent, or 5.4 homes per 1,000, the highest of five regions in the country. That’s a 29 percent increase over the foreclosure rate at this point last year of 0.42 percent.

The nationwide foreclosure rate hit 0.37 percent, up 42 percent from 0.26 percent a year ago.

Ohio’s foreclosure rate ranks sixth in the nation, which has a 0.67 percent rate. Colorado, Nevada and Michigan tie in leading the nation with a rate of 0.93 percent, meaning foreclosures have hit nearly one out of every 100 homes in those states.

Alexis McGee, president of Foreclosures.com, said in a release that foreclosures aren’t just affecting subprime loans.

“The big picture is that the formerly artificial, overzealous housing and loose credit markets have adjusted too firmly and a clampdown in liquidity is the result,” she said. “We went from ‘irrational exuberance’ in the housing and credit markets to fear and blood on the streets very quickly.”

The trend is unlikely to let up soon, according to Foreclosures.com statistics. Pre-foreclosures, tracked by notices of default or foreclosure auctions, have reached 0.81 percent, a 53 percent increase from 0.53 percent as of July 2006. Ohio’s pre-foreclosure rate is comparably low at 0.30 percent year-to-date. Nevada leads the nation in pre-foreclosures at 2.55 percent.

Foreclosures.com lists foreclosure filings for nearly 1,600 major U.S. counties, including 65 of Ohio’s 88 counties.