Legal Question in Real Estate Law in Alabama
How to Stop forclosure of home
How can I stop the forclosure of my home of seven years, before Oct 22, 2002?
The home loan (a VA Loan)is in my ex-partners name. The deed is in my name and my ex-partners name.
The bank asked for payment in full because there was no insurance on the house. (the insurance company that I was with was no longer insuring homes in alabama, so the policy ran out). I was not able to get another company with out my ex-partner who lives in another state now. (a alabama rule).
The law office handling the forclosure told me I have to get an Attorney. The law office in tuscaloosa, AL asked me for $5000.oo. I don't have that kind of money.
1 Answer from Attorneys
Re: How to Stop forclosure of home
The best and fastest way is to pay the loan current. But this is also the expensive way if you must pay that large legal fee. Lucky for you the loan is in only your partner's name. Your credit is not effected by the foreclosure. I suggest you try to get a quick loan from a local bank to refinance the old loan. The deadline is not the foreclosure date. If you vacate the property within ten days of recieving the notice to leave, you will have a year to "redeem" the property. This basically allows you that additional time to refinance. You will need an experiennced real estate lawyer to assist you. Also, the fee in tuscaloosa is negotiable. $5,000 sounds excessive. The VA will not pay anwhere near that amount, so to avoid that fee you will want to refinance between the date of foreclosure and the ten day deadline after you recieve your notice to leave. This will eliminate the big fee and avoid the need to move your possessions. Get a good attorney to assist! Timing is everything.
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