RealtyTrac, an agency that tracks foreclosures said earlier this month that foreclosures in Alabama declined in the first quarter of 2012, following a national trend.
RealtyTrac said that foreclosures Alabama decreased by 18.6 percent, a total of one default notice per 479 homes. This decrease, while good news doesn’t indicate that the housing market is close to recovery and RealtyTrac anticipates a rise in foreclosures nationwide as mortgage lenders begin to push their backlog through the system.
Earlier this year large banks settled a $25 billion dollar suit with the federal government aimed at giving lenders foreclosure help. Banks were also required to reform the way they processed foreclosure documents.
Though economic recovery has been slow, job numbers are improving, and struggling homeowners may now be able to make their monthly mortgage payments. Even if they have received a default notice they may be eligible for a short sale or a mortgage modification. If a homeowner wants to sell their property they should hire a short sale attorney to guide them through the process.
Homeowners who have received a default notice can hire an Alabama foreclosure attorney to stop foreclosure and get relief from their debts.
In the state of Alabama most foreclosures are handled out of court, though an Alabama foreclosure lawyer can request a court hearing if there are tittle issues or the mortgage is lacking a provision that gives the lender the right to sell the property.
An Alabama foreclosure attorney can offer the homeowner a number of options that may keep them in their homes. Whether it is a mortgage modification or bankruptcy, the indebted individual can get some relief and may be able to keep the home they worked hard to attain.