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APA
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Social Sciences
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Essay
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English (U.S.)
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Topic:

Foreclosure. It is a judicial or non-judicial foreclosure state

Essay Instructions:

Foreclosure
For your own state, determine whether:
It is a judicial or non-judicial foreclosure state.
The standard home loan is based on a deed of trust or a mortgage.
There is a statutory right of redemption and, if so, how long.
Deficiency judgments are allowed against defaulted homeowners.
Based on this information, can you judge whether your state is relatively lender friendly or borrower-friendly? Explain. For assistance in answering these questions, please use foreclosureassistance.com and foreclosures.com. Respond to at least two of your classmates' posts.
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Foreclosure
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The name of my state is Alabama, and it is a non-judicial foreclosure state. Here, a lender does not need to go to the court to foreclose on his home, which means the case is wrapped more quickly than a judicial foreclosure state’s case. The rule is that when a person faces a non-judicial foreclosure, he is asked to sign two documents in order to refinance the home: a deed of trust and a promissory note (Feinstein, 2018).
The standard home loan is purely based on a deed of trust, and there is no involvement of the mortgage in Alabama. One of the major benefits of this system is that it allows the lender to foreclose on the property if he does not make the payment on time or violates the contract of the loan in any way. Such a case proceeds outside the court, but the state laws are always taken care of (Robinson & Todd, 2010).
In Alabama, the statutory right of redemption ...
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