Legal Question in Real Estate Law in Alabama

Having just been forwarded a foreclosure notice from my bank which gives me until April 9 to bring current my account, which is 6 months in default what are my options at this point to avoid foreclosure. The hoiuse is in Alabama and we live in Colorado. We do not want to keep the property, it has been on the market for 4 years now, but we want to avoid foreclosure. We have approached our lender, Chase Bank, aboiut a deed in lieu or a short sell, options that we have researched somewhat, but they have been reluctant at best in attempting to help us with this. If foreclosed on we won't be able to rent an apartment our crrdit will be so bad. We have been faithful to our creditor for 10 yers now on this house. It has been for sale for 4 years while we have paid the mortgage while living in another state. I am a registered nurse as is my wife. We have little children. We are in Colorado now.


Asked on 3/13/10, 9:45 pm

1 Answer from Attorneys
James Coleman Murchison & Howard, LLC

You should get the help of an attorney who will assist you in slowing this process down. You can demand a payoff amount or re-instatement amount. Also a demand letter can be sent asking this to show you that they have lived up to all of the terms of the agreement and all of the demands made by the various regulations in force concerning your mortgage. Do all of this in writing and nothing only by telephone. Your best bet if to find someone in that area to slow it down and give you a chance to short sell or simply deed the house to them. ALso carefully consider your redemptive rights in this situation. Good luck

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Answered on 3/19/10, 5:53 am


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