To stop or avoid foreclosure Utah residents should be aware of their options to avoid unnecessary worry or frustration. Being in foreclosure or even pre-foreclosure can be extremely challenging, even be an embarrassing situation to be in for many.
Needing to sell your house fast when you might not want to can put you in a situation where you might not know what to do. The goal with today’s article is to share with you 5 tips you can consider to help you stop or avoid foreclosure in Utah.
Our hope is that after reading today’s tips you’ll start to gain the personal confidence and knowledge you need to help you make the decision best for you to avoid or stop foreclosure in its tracks.
Stop or Avoid Foreclosure In Utah
Tip 1 – Become Aware of Utah Foreclosure Laws
The first step in knowing how to stop or avoid foreclosure and keeping your Utah home just the way you like it is to become familiar with the foreclosure laws in Utah. The references for you are here:
- Utah Code Annotated Sections 57-1-19 through 57-1-34, and
- Utah Code Annotated Sections 78B-6-901 through 78B-Chapter 6-Part 9
While reading the Utah foreclosure code is probably not the most exhilarating thing to do in your spare time it is very helpful. As any GI Joe fan will say “knowing is half the battle”!
Tip 2 – Know Your Time of How Long Foreclosure Takes
Depending on your particular situation the timeline it takes to finalize an uncontested non-judicial foreclosure is around 120 days. The process might be extended longer if you contest the action in court or have other delays such as bankruptcy.
Knowing the timeline of how long you need to find another place to move to, organize your family matters, look for storage units, and so forth all take time. Knowing the time constraints upfront helps reduce worry and helps you execute with greater confidence.
Tip 3 – Consider a HELOC or Refinance To Avoid Foreclosure
If you have bad credit you might still have the option of obtaining a home equity line of credit or refinance your home. Your spouse or partner may have the credit strength to meet bank qualifications to liberate the cash needed to get you back on financial footing.
If you secure a home equity line of credit you don’t have to borrow all of your homes equity. You can simply draw upon your HELOC the funds you need and then pay it back later. Some HELOC products might even have a free interest time period of 1 to 6 months after you secure your HELOC. One of my favorite local Utah credit unions is with Utah Community Credit Union. They offer one of the best competitive HELOC products on the market.
Just be aware that your payment will go up after securing a HELOC or refinancing so this option might not be the best way for you to avoid or stop foreclosure proceeding from here but it is definitely worth examining.
Tip 4 – Sell Now and Move Later or Stay in Your House
This is one of the most innovative and helpful options for you and your family to quickly receive help with avoiding or stopping foreclosure in your Utah home. We understand there are many difficult situations Utah home owners are in forcing them into financial trouble. The team here at GaryBuysHouses is ready to speak with you about giving your money before you move. With our sell now move later program you call sell your house fast for cash now and wait for a month or even a few years before you and your family have to move! Read more about this program here.
Maybe you want to stay in your house. We have options for you that include staying in your house or lease back options that will stop foreclosure in Utah. Look over these options and then give us a call to talk about the questions you will have.
Tip 5- Sell Your House Fast For Cash
If you are in circumstances where you would rather simply sell your Utah house fast for cash you can contact us here. You can easily reach out to us to receive a 100% complimentary cash offer for your house in 10 minutes or less.. We buy Utah homes in “as is condition” which means you don’t have to worry about fixing or updating your house to sell it like you normally would through a traditional selling process.