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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.
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.
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.
You can request that the trustee postpone or stop the sale and cancel the Notice of Default by paying the entire loan balance as well as legal fees and other fees associated with the foreclosure.
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. § 57-1-34.
Under federal law, the servicer usually can't officially begin a foreclosure until you're more than 120 days past due on payments, subject to a few exceptions.
A trustee records a Notice of Default at the county recorder's office. The Notice of Default includes the reason the trustee believes your loan is in default. A trustee must give written notice of the default to the borrower and anyone who has filed a Request for Notice. This is usually done by registered mail.