The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Utah Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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How to fill out Petition To Enjoin Foreclosure Sale And Seeking Ascertainment Of Amount Owed On Note And Deed Of Trust?
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FAQ
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.
No Redemption Period After a Foreclosure Sale in Utah Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. In Utah, though, you don't get a redemption period after a nonjudicial foreclosure. (Utah Code Ann. § 57-1-28(3)).
Therefore, a lender seeking to foreclose on a property secured by a trust deed must ?(1) commence an action to foreclose the trust deed, or (2) file for record a notice of default under [Utah Code] Section 57-1-24? before the six-year statute of limitations period expires. See Utah Code Ann.
Most foreclosures in Utah are done without a court case. They follow a process known as "nonjudicial foreclosure." This is also sometimes called a "trustee sale." The steps in a nonjudicial foreclosure are below.
Some states also provide foreclosed borrowers a redemption period after the foreclosure sale, during which they can buy back the home. Under Utah law, however, foreclosed homeowners don't get a right of redemption after a nonjudicial foreclosure. (Utah Code Ann. § 57-1-28(3)).
Usually lenders start foreclosure proceedings when they think you have not made your mortgage payments. Once foreclosure is complete you no longer own your home and two things can happen: The lender can then sell your home to collect the money you owe on your home loan. You can be evicted from the home.
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.