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In Alabama There Is A One Year Redemption Period On Real Estate
rurdev.usda.gov, Nov 10, 2005
Subject:
Single Family Guaranteed Rural Housing Occupied Real Estate Owned Inspection, Valuation and Loss Claims.
Purpose And Outcome:
The purpose of this Administrative Notice (AN) is to clarify inspection, valuation and loss claim requirements for security property or real estate owned (REO) when the property is occupied, subject to redemption rights or when there are lengthy eviction proceedings. These circumstances usually have a negative effect on the accurate valuation and xpeditious disposition of the property, as well as on the loss claim process itself, when it becomes necessary to process a claim based on estimated net recovery. This AN also provides guidelines for inspections, redemption periods, eviction, valuation, and the claim process for occupied REO property in other situations.
REO Subject to Redemption Rights:
Lenders and Agency staff must be familiar with State statutes related to redemption periods and procedures. For example, in Alabama, there is a one-year redemption period, but the purchaser at the foreclosure sale has the right to immediate possession; therefore, a delay in the marketing of the property is not warranted. Some States will reduce the
redemption period if the property is abandoned or if the loan-to-value ratio is greater than a certain percentage.