Alabama foreclosures offer great opportunities for anyone who wishes to purchase a low priced, quality home. Our repo homes and Alabama foreclosure listings are updated on a daily basis, featuring an abundance of Alabama home foreclosures for sale - making the state an appealing destination for any potential homeowner or renter.
Search through the best listings of foreclosures in Alabama. We provide foreclosed homes and auctions in the major Alabama cities. Choose a city and fing an excellent deal for you!
Alabama has Foreclosed Homes that Could Represent an Outstanding Deal for a New Homebuyer - Aug 01, 2011
Prices of Alabama Foreclosures are Down but the Future is Uncertain - May 26, 2011
Summary of Alabama Foreclosures in December 2010 - Jan 13, 2011
How to Stop Foreclosure in Alabama - Oct 29, 2010
The Home Prices: Recent Report - Oct 27, 2010
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Alabama has a burgeoning population of over 4.5 million and features a rich cultural heritage. The state has a strong agricultural industry that encapsulates approximately half of the general region, with strong commodities in cotton growing, poultry, cattle and calves, peanuts and greenhouse plants, just to name a few. The industrialization of certain sectors has resulted in major technological shifts, allowing Alabama to increase productivity and maintain its high level of efficiency. The state continues to regulate a strong presence in traditional areas of agriculture such as poultry and egg production as well.
Alabama has 460 cities across the state, such as Hamilton, Huntsville, Florence, Birmingham and Detroit in the northern region, with Gainesville, Mobile, Dothan and Montgomery in the southern region.
Notable landmarks that can be found in Alabama include the Birmingham Civil Rights Institute, a museum devoted to detailing the historic American Civil Rights Movement during the 1950s and 60s. Other noteworthy landmarks include Gaineswood in Marengo County, the Alabama Sports Hall of Fame in Birmingham, and the Fort Mitchell site in Russell County, along with many more.
Jefferson County remains to be Alabama's most populated county, with Birmingham as its county seat. Birmingham once attributed its growth to its large industrial sector, yet now focuses on areas including medical research, banking, and service-based economy, with the city's most prevalent employers being BellSouth, Jefferson County Public Schools, and various Baptist Medical Centers.
The state's capital city, Montgomery, is the second-largest populated city in Alabama. Its economic growth has resulted in an abundance of educational facilities over the years, with 36 elementary schools, 12 middle schools and 8 high schools, along with 35 private schools available. Other local facilities include community centers, museums, and libraries - along with several parks and recreation areas. Montgomery has a predominantly white-collar demographic, with a median household income of approximately $55,452, a 33% college graduate rate, and an average of over 3,000 family households.
Current state foreclosure listings in Alabama indicate a progressive growth in sales and a reasonable house price average. Over a given month, Alabama home foreclosures accommodate for 19.1% of overall home sales, with the average home value at approximately $93,000.
In Alabama, it is rare for the judicial system to intervene in during a foreclosure process. This is because most mortgages issued in Alabama contain what is known as a Power of Sale clause, which enables the lender to pursue a foreclosure without a court ruling if the borrower (homeowner) is found to have defaulted on a payment. The only instances that might require court proceedings are if the mortgage lacks such a provision, or if there are problems with the property title itself.
Although it is not required under state law, some Alabama mortgages stipulate that the lender must send a notice of default to the homeowner informing them of the impending repossession of their property. A homeowner is generally given anywhere from 10-30 days to respond, after which a date is set for the sale of the property and the foreclosure process begins. Unless the mortgage states otherwise, the homeowner has the right to stop the foreclosure process at any point up until the sale date by paying off their outstanding debt to the lender.
In order to inform the public of the upcoming property foreclosure auction, the lender issues a notice of sale containing the time, location, and terms of the sale. This notice is either published in a local newspaper or posted on the courthouse door. A notice of sale must also be sent to the homeowner in default, although this is not required unless called for in the mortgage agreement.
On the date of the foreclosure sale, which usually takes place at the town or county courthouse, the property is auctioned off to the highest bidder. Once the winning bidder has paid the agreed price in full, he is issued a deed to the property.
From start to finish, the entire process of foreclosure takes from two to three months in New Mexico. The original homeowner retains the right to redeem the property up to one full year after the foreclosure sale date.
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