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Hardship

Life can be unpredictable and circumstances arise that prevent homeowner’s from making their mortgage payments on time. Thousands of hard-working people face the possibility of losing their home each day in the United States. In most cases, many of the circumstances that have led to delinquency are out of the homeowners’s control. Many issues contributing to delinquency include job loss, medical illness or injury, marital difficulties, unforeseen repairs or tenant problems, or even a death in the family. Just one of these situations can impact a person’s ability to pay. If you have experienced a temporary set back, don’t panic there are solutions.

Utah is a Non-Judicial and a Lien Theory State

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the Trustee. The Homeowner has title to their property and the lender has a lien against the home.

Utah Foreclosure Time Line

From the time the Notice of Default (NOD) is filed to the day that the Lender has the right to foreclose is approximately four mouths. Time is broken down has followed.

Redemption Period: The redemption period is the beginning of the time line and it will last for 90 days. This is when the borrower has the right to redeem their loan by either bringing all past due payments, including late fees, attorney fees, current or by paying the loan off in full.

Notice of Trustee Sale: This will come at the end of the 90 day redemption, where the Notice of Trustee Sale must be published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county where the property is to be sold. The last publication must be at least ten (10) days before the date of sale is scheduled. The Notice of Trustee Sale must also be posted in a conspicuous place on the property.

10 Days Before the Sale: This is a minium time after the last publication of the Notice of Trustee Sale. Although, in this time the Lender does not have to take redemption money from the borrower like they do in the 90 day period, but almost always they will.

Three Ways To Remedy the Defaulted Loan

Realistically there are three ways to stop the foreclosure, the manner in which they are done can vary. Listed below are the three ways which to do so.

Reinstating the Loan: This can be done by simply paying the delinquent amount including all back interest, principle, late fees and Attorney fees.

Replace the Defaulted Loan With a New Loan: This can be done by possibly Re-finance, temporary replace the loan with a new loan from a third party and do a buy back.

Re-Modify the Current Loan: Not all lenders will do this, but if your lender will you may be able to have them re-due your current loan with new terms, incorporating portion of the past due amount back into the loan.

Options

There are several options available to the Homeowner that they may not be aware of. Please see our sections on "Options" and "Free Foreclosure Report", this may send the Homeowner in the right directions.

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