Marcus purchased a home in Birmingham with a mortgage loan. He later defaulted, and the lender completed a judicial foreclosure sale on March 15, 2024. Under Alabama law, until what date does Marcus retain the statutory right to redeem his property?
Correct Answer
B) March 15, 2025 — one year after the foreclosure sale
Under Code of Alabama §6-5-248, a borrower whose property is sold at a mortgage foreclosure sale retains a statutory right of redemption for one year following the sale date. Since the foreclosure sale occurred on March 15, 2024, Marcus has until March 15, 2025 to redeem his property by paying the foreclosure sale price plus applicable interest and costs.
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Which type of foreclosure process does Alabama law require for residential mortgage loans?
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A lender in Huntsville has completed a judicial foreclosure sale on a residential property. The borrower wants to know the difference between the equitable right of redemption and the statutory right of redemption under Alabama law. Which statement correctly distinguishes the two?