Your Guide to Foreclosure in Utah

Auction - Your Guide to Foreclosure in Utah

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It seems as though everyone is in the middle of a foreclosure right now. If you aren't in the middle of a foreclosure, chances are good that you know someone who is.

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You can't simply snap your fingers and have your foreclosure complete. There is a specific process that must be followed. This process must conform to all federal government requirements, as well as all Utah state requirements.

Here are a few things you must know.

1. Your lender can begin the foreclosure process if you default on your mortgage. Most times, your lender won't begin the foreclosure process until you are several months behind on your mortgage. This is because foreclosures cost them money and they certainly don't want to lose that.

2. Once the foreclosure process has begun, your lender can 'dump' your property at a foreclosure sale or auction. In most cases, foreclosed properties are sold at a much lower price than what they are worth.

3. The lender must first file a 'notice of default.' This notice must document the date, time, and place of sale, description of the default, the lender's election to sell the said property. The lender must also record all pertinent information from the deed of trust in the property's county. It also must send a copy to the borrower and any and all interested parties. A publication must also be posted in a county newspaper (that is available for general circulation) once per week for three consecutive weeks.

4. The notice of sale has to be both recorded and published at a minimum of 30 days prior to the sale of the property. This is to be handled by the lender.

5. In Utah, foreclosures are handled by non-judicial foreclosure committees. In some instances, a judicial foreclosure committee may handle the foreclosure, especially when the deed of trust is lacking a power of sale clause.

There are many specifics regarding Utah foreclosure policies and processes. In order to complete your foreclosure in the most timely manner and with the most ease, you should meet with a qualified Utah foreclosure lawyer. This attorney will make this transition easy and smooth. He or she is also the best resource to advise you concerning different options that you may have.

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Your Guide to Foreclosure in Utah (with Health & Product)
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