| It seems as though everyone is in the middle of a | | | | the said property. The lender must also record all |
| foreclosure right now. If you aren't in the middle of a | | | | pertinent information from the deed of trust in the |
| foreclosure, chances are good that you know | | | | property's county. It also must send a copy to the |
| someone who is. | | | | borrower and any and all interested parties. A |
| You can't simply snap your fingers and have your | | | | publication must also be posted in a county newspaper |
| foreclosure complete. There is a specific process that | | | | (that is available for general circulation) once per week |
| must be followed. This process must conform to all | | | | for three consecutive weeks. |
| federal government requirements, as well as all Utah | | | | 4. The notice of sale has to be both recorded and |
| state requirements. | | | | published at a minimum of 30 days prior to the sale of |
| Here are a few things you must know. | | | | the property. This is to be handled by the lender. |
| 1. Your lender can begin the foreclosure process if you | | | | 5. In Utah, foreclosures are handled by non-judicial |
| default on your mortgage. Most times, your lender | | | | foreclosure committees. In some instances, a judicial |
| won't begin the foreclosure process until you are | | | | foreclosure committee may handle the foreclosure, |
| several months behind on your mortgage. This is | | | | especially when the deed of trust is lacking a power |
| because foreclosures cost them money and they | | | | of sale clause. |
| certainly don't want to lose that. | | | | There are many specifics regarding Utah foreclosure |
| 2. Once the foreclosure process has begun, your | | | | policies and processes. In order to complete your |
| lender can 'dump' your property at a foreclosure sale | | | | foreclosure in the most timely manner and with the |
| or auction. In most cases, foreclosed properties are | | | | most ease, you should meet with a qualified Utah |
| sold at a much lower price than what they are worth. | | | | foreclosure lawyer. This attorney will make this |
| 3. The lender must first file a 'notice of default.' This | | | | transition easy and smooth. He or she is also the best |
| notice must document the date, time, and place of sale, | | | | resource to advise you concerning different options |
| description of the default, the lender's election to sell | | | | that you may have. |