Chattel Mortgage Form With Extra Judicial Foreclosure In Utah

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

Format:

Instant download

Description

The Chattel Mortgage Form with Extra Judicial Foreclosure in Utah is a legal document that enables a borrower (Mortgagor) to secure a loan with personal property, specifically a mobile home, as collateral. This form outlines the terms of the mortgage, including the amount borrowed, interest rates, repayment schedule, and specifics regarding the collateral. It provides essential filling instructions, guiding users to complete sections accurately, such as the names of the involved parties, detailed descriptions of the property, and clear repayment terms. Key features include clauses that protect the rights of both the Mortgagor and Mortgagee, stipulating responsibilities like maintaining insurance and ensuring the property remains free of other encumbrances. Attorneys, paralegals, and legal assistants can utilize this form to facilitate transactions involving mobile homes and ensure compliance with state laws. Owners and partners may find it valuable for securing financing while protecting their investments. This form is especially useful in situations where quick enforcement of rights, such as repossession, may be necessary in case of default.

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Form popularity

FAQ

Ranked twelfth, Utah had a foreclosure rate of one in every 3,523 housing units. Out of 1,162,654 housing units, 330 went into foreclosure.

59-2-1357. Redemption at foreclosure sale. Any person interested in any real estate sold at foreclosure sale under any decree has the same right to redeem the real estate from the sale, within the same time and upon the same terms as if the sale had been made upon execution.

The entire foreclosure process in Utah takes about 7 months to complete. You first need to be 90 days late in your payments before a notice of default is recorded. That recording is serving another 3 month notice. And finally, a 3 week notice is given that a home will be sold at auction.

DEED IN LIEU OF FORECLOSURE - To avoid foreclosure when you know you will be unable to make your payments, you may consider handing over your deed to the lender. This is also called voluntary repossession. It means you are giving your house back to the lender.

If you default on your mortgage payments in Utah, the lender may foreclose using a judicial or nonjudicial method.

A non judicial foreclosure in Utah can be completed in about 4 months if it is not contested by the borrower. The time frame for a judicial foreclosure depends on the court's schedule and the rulings of the court.

Redemption at foreclosure sale. Any person interested in any real estate sold at foreclosure sale under any decree has the same right to redeem the real estate from the sale, within the same time and upon the same terms as if the sale had been made upon execution.