Untitled Document
Typical Utah Foreclosure Timeline
| Last Payment made |
Sunday, May 01, 2011 |
Varies but typically three payment periods or 90 days but less than 120 days* |
| Notice of Default (NOD) filing |
Tuesday, August 09, 2011 |
Copy delivered within 10 calendar days |
| NOD mailed/delivered |
Friday, August 12, 2011 |
Reinstatement period begins for 90 days |
| Reinstatement period ends |
Thursday, November 10, 2011 |
Trustee sale date scheduled at least 21 days later |
| Cure default amount and reinstate before |
Saturday, November 26, 2011 |
5 days before trustee sale |
| Earliest Trustee Sale Date |
Thursday, December 01, 2011 |
Unless collaboratively postponed by lien holder because of Destiny Real Estate |
| Cash for Keys or legal eviction |
Friday, December 02, 2011 |
Lien holder or new owner could offer incentive or evict. |
TOTAL DAYS |
215 |
|
| Foreclosure reported to Credit Bureau's |
Sunday, January 1, 2011 |
Stays on for 7 years and could hinder future employment and insurance premiums. |
Foreclosure: Is a black-eye that will haunt. Utah is a default judgement state. The note holder may sell the automatic deficiency judgment to a debt-chasing attorney who can collect the difference from what they recoup and what the bank was owed. This is rarely done but with losses mounting hight it may become more common. It's wiser to negotiate a short sale and get the deficiency waived.
Loan Modification is where the lender makes a determination that changing the terms of the loan is in the best interests of the note holder. Government usually provides some sort of incentive but this isn't the only reason the lender will permanantly change the terms of the loan. They might lower the payment by reducing the interst rate, amortizing over 40 years vs. 30 years. An interest rate reduction could be temporary or for the life of the loan.
Short-Sale: Is where the seller through their agent or broker who specializes in short-sales asks the bank to let them sell the house for less than what is owed for a win-win situation versus the stain of foreclosure.
Pre-Foreclosure: Is when the seller has equity they need to preserve but foreclosure is looming. A delicate situation where a full-time professional or specialist is essential.
Forebearance: Is a one-time solution to a temporary problem. If you fall behind you can, upon approval, defer the amount owed by attaching it to the end of the loan. The servicer will then give you a fresh start at the regullarly schedule payment.