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A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.
Utah operates primarily as a nonjudicial foreclosure state, which means the process of a foreclosure auction is primarily administered by an attorney for the bank or lender instead of through the court and a judge. The entire process from when the first payment is late to a sale is about 7 months.
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)).
Ways to Stop Foreclosure in Utah Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of 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.
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.
You may be able to avoid foreclosure by making arrangements with your lender, such as getting forbearance or agreeing to a loan modification. Other options may include refinancing with a hard money loan or reverse mortgage.