Just starting my walk here in Utah and I've been trying to find out how long lenders have to pursue you for a deficiency. I did some research but haven't found anything concrete. I read that the first mortgage has 3 months from the date of the trustee sale to try and recoup its losses, and that the second mortgage company has 6 YEARS! Does this sound right?
I was under the impression that Utah was a one-action state (something I took to mean as they can EITHER foreclose, or pursue you legally to get their money back, but not BOTH), so I'm a little confused by what I read. Can anyone clear this up for me? The way I understood it was that if they foreclose, that's their one action. So how can they then pursue you for money also? I understand that the second mortgage company only really has one choice, as they can't foreclose on me if the first has already done so...
Just confusing myself now! Trying to figure out what to expect down the road. Any help would be so appreciated. Thanks for your time and help!