If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.
Basically, a foreclosure notice of default is a document that has to be recorded at the County Recorder’s Office and notice served to the home owner by the lender to start the process of foreclosure. In Utah typically the bank will hire a Trustee to handle the process. The three attorneys that act as Trustees for the bank that handle most of the foreclosures in Salt Lake County, Davis County, Weber County and Utah County are: Lundberg (eTitle), Halliday Watkins, and Orange Title. There are a few others.
The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).
The foreclosure notice of default must also be published in a newspaper or online and physically posted in a prominent place on the property itself.
Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.
In Utah, you typically have 3 months and 3 weeks to solve your foreclosure. More information on the time line for stopping foreclosure here.
Back before US law required a notice of default, people were sometimes foreclosed on without any warning.
In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Salt Lake City.
The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.
If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action. The faster you start to decide if you want to keep your house or sell your house the better. Please call Gary at 801-382-9199 for advice on keeping OR selling your house.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool. Remember, you have 3 months and 3 weeks in Utah to stop your foreclosure.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next. The main way to keep your house is to file a Chapter 13 bankruptcy, get a Loan Modification approved or get the money together to bring your loan current.
3) Gather your resources.
There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules. Call me (Gary) at 801-382-9199 for a FREE consultation.
4) Learn your options.
We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think to keep or sell your house. We are LOCAL and work directly with a foreclosure attorney, so WE know your options to keep or sell your house. I will go through all of those options with you, so call Gary at 801-382-9199 now.
The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action. Call your bank and ask for the Loan Modification department. Chapter 13 bankruptcy or Modification are great ways to keep your house.
Want to know more?