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Loading ...The charming Pell City is situated in the county of Saint Clair, in the state of Alabama. This city has in the past undergone a phase of rapid population growth, since people were attracted to its 275 miles of shoreline, and all the activities that take place on it.
With the downturn of the economy however, Pell City foreclosures have unfortunately multiplied. This problem did not only occur in this state, but it has spread throughout all of America, with a greater concentration in the Washington and Florida.
Laws that relate to foreclosures vary from state to state, and in this article we will be looking at a summary of the foreclosure laws in the state of Alabama that applies to foreclosures of Pell City as well.
First of all it is important to note that a lender seeking to recuperate his funds, may foreclose a property whose owner is in default, either through a judicial or a non judicial process.
The judicial process entails that the lender files a law suit in court, and obtains a court order that allows him to foreclose the property in question. This process is applied in the case that no power of sale is available on the mortgage. The lender however, also has the option to foreclose the property by selling it, instead of filing a formal lawsuit against the defaulting owner.
At this point we come to the non-judicial foreclosure process. This process is applied, when the mortgage or the deed of trust, contains a power of sale clause. With this clause, the defaulting borrower would have pre approved, for the lender to sale the property, in the case that the borrower defaults for some reason. In foreclosure cases when this clause exists, the lender or his representative has the power of selling the defaulting borrower’s property.
This power of sale clause may or may not specify the details of the sale and the process that should be followed. If these details are not specified within the clause, then the sale of the property or Pell City foreclosures may occur in front of the court door, of the courthouse of the state in which the property in question is located. 30 days must also elapse from the day on which the final notice of sale was published, for the sale to take place.
