UTAH laws?

[hjova]

Can anyone here tell me how long it will take my lender to foreclose on me in Utah? I am doing everything I can. I was told I had a loan modification approval on October 20th. I had never been late and was told my next payment would not be due until Dec. 1st! Paperwork they said would arrive the following week!

On October 30th they finally called to tell me "LOAN MODIFICATION DENIED" I was shocked! I had to ask twice to make sure I was hearing them right. Well...there was my first late payment I'd ever had in my life.

I decided that as much as I love my home the interest rate of 10% and ready to jump again was just not afforable. I can't continue to give all of my income to my lender interest for on my home!

Also...on October 31st I actually recieved a letter of default! It was dated OCTOBER 26TH. I had not even been 30 days late yet nor had I ever had a late payment! Can they do this? I mean wouldn't it be right to send the letter of defualt on November 1st after I was 30 days late?

Confused and looking for answers...

[Moe Bedard]

Utah is a non-judicial state and our property loans ("mortgages") are held by trustees. Based on this system we have the following time-frames:


Non-payment of loans, liens, encumbrances (usually 90 days +) and property taxes or failure to maintain adequate property insurance on the property.

Day 1: Notice of Default is recorded against the property. (The owner has at least 3 months (90 days) to cure the default, including back payments, penalties and fees.)

Day 90: Trustee's sale is set. Ad appears in the newspaper & Notice of Sale is posted on the property. The ad must be public for 3 weeks prior to the auction sale.

Day 120: On the date of the sale the trustee sells the property to the highest bidder. This sale is usually held at the County Courthouse (or at the trustee's office).

It is important to recognize these time-frames because that is the period of time known as pre-foreclosure. For the property owner, this is the time allotted to redeem the house and keep it from being sold, being forced to move and having the foreclosure blemish on their credit for the next 10 years.

Sometime this time-frame becomes extended when the lending institution has too many other properties to take care of but the above time-frames are the minimum time-frames guaranteed by law.


Utah Foreclosure Law

[hjova]

So if I have missed October and November what should I plan on?

I have three kids and pets. I need to make plans. So they can put a for sale sign on my property by January 1st?

I just don't know exactly what to expect and I'm scared.

I am in the process of hiring one of the lawyers listed here to help.

[Moe Bedard]

when you are approximately 90 days in default (this varies by lender) you will receive the notice of default with a sale date on it.....and that is where the timeline above with approximate dates begins.

[hjova]

***,

I was told October 20th by my lender I had been accepted for a loan modification and my new payment would not be due until December 1st. I was told to relax and pay the bills I was behind on. I did this.

On October 30th my lender called to tell me my modification had been denied! On Nov 1 I recieved a letter saying my home was in default. It was dated October 26th. They had the letter written before I was even 30 days late! I read in my loan documents...they state I could be not issued a letter of default until I was at least 30 days late. How is this legal?

So does this mean the home will be up for grabs January 1st? I've hired the attoney recommended here. I'm hoping this will slow the process and evenually result in a loan modifiction.

[Moe Bedard]

That would be a question that you would need to address with the attorneys office..........