Stop Foreclosure Immediately
For Utah Residents
Yes, it’s possible and easier than you think when you’re working with us to get out of the tough situation you’re in with foreclosure. I’ll help you choose the option best for you. We’ll look at keeping your house, loans based on equity not credit, bankruptcy, sale rent back, or selling your house.
Gary Parker ~ Call or Text (801) 382-9199
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I Helped Stop the Foreclosure Process for
These Great People…
“Gary was great to work with. He was able to stop our foreclosure sale date quickly and work with us to keep our house. Everything worked out great.”
Foreclosure Options:
Equity Loans
Foreclosure Quick Guide
Equity Loans
Sometimes a local bank or credit union will loan a homeowner money based on the equity value in their house. This option does require an OK credit score. If most of your bills are current, you could qualify for a loan with a local bank or credit union. The terms are usually for up to 10 years and interest rates vary.
There are also loans that hard money lenders will give to home owners based on the equity in their house and the ability to repay the loan. A borrower may even be able to a loan with no payments if the ability to pay the loan back is based on future events. Your credit score is usually a non factor in determining if you can get a hard money loan. Hard money loans typically are for 1 to 2 years and have higher interest rates than an equity line from your bank. This is a great time to use the opportunity that home owners have because of massive appreciation over the last few years. There are many payment options including no payments.
Please call or text (801) 382-9199 with any questions or to start the process or learn more here.
Sell Your House
The first decision people usually have is should I list my house with an agent or work with an investor? This decision is usually based off of the goals people have when selling a house in foreclosure.
Listing your house for sale with a real estate agent will usually net you the most money, but you will not have many moving options. We all know listing your house involves lots of people going through your house, inspections, appraisals, repairs and being moved out on closing day.
Selling your house to an investor can give you options that are not available when listing your house. Benefits of selling to an investor:
- You will get a fair cash offer for your house in as-is condition no matter where you are in the foreclosure Process.
- We can act fast and get you the money you need now.
- You can stay in your house after the sale including tenants or family members at no cost!
- You can often rent your house back long term.
- You may have an option to buy your house back.
- We can buy your house even if there is no equity.
Foreclosure Quick Guide
What is Foreclosure?
Foreclosure is the legal process your mortgage company uses to force the sale of your house when you are late on your house payments.
In Utah you must be 90 days late on your payment before a Notice of Default can be recorded. The legal process starts when a NOD is recorded at the County Recorder’s Office where you live. This is a public record and how people that contact you about your situation find out about it. A paper notice will be taped to your house, you will receive certified mail notifying you of the NOD and the clock starts to tick. At this point in Utah, you have at least 90 days to cure your default before a foreclosure sale date can be issued. Then you will get notice of a pending foreclosure sale at auction.
If the sale at auctions takes place, you no longer own your home. PLEASE NEVER let things go this far. You can avoid the entire thing all together. There is ALWAYS a better outcome stop foreclosure Utah can offer or suggest to you no matter what your situation is.
How Long Does Foreclosure Take in Utah start to finish?
The actual process of foreclosure typically starts in Utah once you have missed 3 house payments. Once a Notice of Default is recorded, you have 90 days until your mortgage company will give you notice that they are going to officially move forward with the proceedings to sell your house at auction. The bank has to give you at least 3 weeks notice before the official sale date.
So how long does foreclosure take in Utah? The shortest time it can take is about 7 months. 3 missed house payments is 3 months, then the notice of default period of 3 months and finally the 3 week notice before a house is sold at auction. This all assumes the bank records a NOD right when you miss your 3rd payment and give notice of a sale right at the 3 month mark after the NOD was recorded. In reality, when mortgage companies are moving fast, it is about an 8 month process from when you miss your first payment. When things are busy and banks are backed up, it can take a year for the entire process.
Loan Modification, Forbearance, Bankruptcy and Your House
Loan Modification
A loan modification is typically a long term restructuring of a mortgage. The terms can be changed and amounts currently due from missed payments are added to the balance or the end of the new restructured loan.
Forbearance
A forbearance is a temporary solution. Your mortgage company may let you skip 6 payments which are all due at some point after you start to make your normal payment. Sometimes a mortgage company will let you skip 6 payments, then you pay a higher payment until the skipped payments are paid back then your payment goes back to normal. The key is that a forbearance is temporary and the missed payments need to be paid back. The foreclosure process will start if you are not able to make your payments at some point.
Bankruptcy
We will give you our opinions on how foreclosure and bankruptcies work together, but we are not attorneys. Although we have been working with people in foreclosure for over 10 years, please contact an attorney for any legal advice.
A Chapter 13 Bankruptcy is the option most home owners take to keep their house while in foreclosure. The main reason is because the missed payments can be made part of a payment plan. A typical Ch 13 goes like this: The court reviews the people filing bankruptcy looking at income, assets and secured and unsecured debt including the missed house payments. The court determines how much can be paid to each debt. All secured debt must be paid and some unsecured debt may or may not be eliminated or reduced based on your ability to pay.
For most homeowners that want to stop foreclosure in Utah using bankruptcy, your options will be a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy. A Ch 7 typically means a person or married couple is going to bankrupt all of their debt and assets except for the amount exempted by law called the homestead exemption. In Utah the exempt amount is currently $42,700 for a single person & $85,400 for a married couple. In a Ch 7 assets are sold to satisfy debt except that a homeowner can keep the first $42k/$84k from the sale of the assets. And, a house could be exempt from the bankruptcy if the equity is lower than the homestead exemption amount. A Ch 7 may be a good option to keep a house if the equity value in your house is lower than exemption amount and the missed payments can be caught up. There are variables like your income and the number of children a person/couple has.
Prevent Foreclosure
There are several ways to keep your home in foreclosure such as chapter 13 bankruptcy, loan modification or forbearance, or work with an investor. Each option has different levels of risk and costs.
Working with an investor can work for you if a bankruptcy is not the answer for you or it has not worked in the past or a modification or forbearance has not worked. Investors can be very flexible with home owners regardless of how much equity you have. Investors can offer equity loans, reduce your house payment, buy your house and you can rent it back or buy it back.
We are here to discuss all of your options when you need mortgage foreclosure help. We love to help people with late house payments including referring you to other professionals if that is your best option. There is never an obligation so please call or text us today at (801) 382-9199 or fill out a form for email.
what others are saying About Us
“I had been in foreclosure so long that I had a Foreclosure Sale Date on my house. Gary’s company stopped my foreclosure, and I was able to stay in my house!” ~ Donna H. West Valley City, Utah
Your Best Interest Matters To Us
This couple in Kearns was very close to closing on their house that was in foreclosure with us. The foreclosure attorney that we sometimes work with on our foreclosure files discovered that there was an issue with the couple’s mortgage, and they ended up getting about $20,000 more for their house than they thought they were going to get. This doesn’t happen often, but it shows you one example of how working with a licensed professional can benefit you.
We are local and have a professional team we work with to give you the best possible outcome when you have a house in foreclosure. Where ever you are in the foreclosure process, we can help you.