SB533 Alabama 2010 Session

Under existing law, in certain circumstances, foreclosure notice consists of publication once a week for three consecutive weeks in a local newspaper

Existing law does not require any additional notice to the borrower prior to foreclosure

This bill would require a foreclosure notice for a residential property also to be mailed to the mortgagor containing the names of the parties to the mortgage, a legal description or street address of the property, the default, and the mortgagee's intent to proceed with foreclosure. This notice requirement would apply only to residential property and would not apply to commercial or agricultural property

This bill would extend the time of the first newspaper publication of the notice of a foreclosure sale until 60 days after the notice is mailed to the mortgagor

Under existing law, the mortgagor must surrender possession of property within 10 days of notice of the foreclosure sale to entitle the mortgagor to redeem real estate from purchasers

This bill would extend the period of time that the possession of the real property must be delivered for purposes of preserving redemption rights to 20 days

Under existing law, a tenant must surrender possession within 10 days of notice of foreclosure sale

This bill would extend the time that the possession of the property must be delivered for purpose of preserving redemption to 60 days

To amend Sections 35-10-13, 6-5-251, and 8-1-172 of the Code of Alabama 1975, relating to foreclosure and redemption of real property, to require a foreclosure notice containing specified information to be mailed to the mortgagor for a mortgage on single family residential real property, and to extend the time period that possession of real property must be delivered to preserve redemption rights.