What happens if you do nothing
After about 90 days late, most lenders refer the loan to a foreclosure attorney. Legal fees get added to what you owe. In Alabama, the lender can then publish a notice and sell the house roughly 30 days later without going to court.
Selling pays the lender in full
When we buy your house, the title company pays your lender from the sale proceeds, including the missed payments and fees. The foreclosure stops because there's no longer a loan to foreclose on. What's left after payoff is yours.
Other options worth asking about
Forbearance pauses payments temporarily. A repayment plan spreads missed payments over several months. A loan modification changes the loan terms. All of these require the lender's agreement and work best when your income has recovered. See our foreclosure page for more detail.
Call us if
- You've missed two or more payments
- You've received a demand letter or notice of default
- You can't afford the payment going forward
- The house needs repairs you can't fund