Foreclosure Help In Utah - Know Your Options

Foreclosure Help In Utah - Know Your Options

Get Foreclosure Help In Utah – Here Are Some Tips.

IF YOU HAVE MISSED MORTGAGE PAYMENTS OR BELIEVE YOU ARE ABOUT TO, LEARN WHAT YOU NEED TO KNOW TO BUY YOURSELF TIME TO GET BACK ON TRACK.  Start Fresh Utah has helped countless Utah homeowners struggling with late mortgage payments get back on track.  Whether you need foreclosure help in Utah to save your home or you want foreclosure help in Utah to give yourself as much time as possible to find a new living situation, the following helpful facts and strategies can give you a head start to relief.

  1. I Am Struggling With My Mortgage Payment, Is There Foreclosure Help In Utah?
  2. Your Lender: They Have Programs That Provide Foreclosure Help in Utah.
  3. How Long Can I Stay In My House Without Making A Payment?
  4. Do I Get A Notice Of Foreclosure In Utah?
  5. How Do I Stop A Foreclosure in Utah?
  6. Are There Alternatives To Foreclosure Help in Utah?

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I Am Struggling With My Mortgage Payment, Is There Foreclosure Help in Utah?

If you are behind on your mortgage payments or think that you are going to fall behind, there are foreclosure prevention programs and implementation guidance that have been mandated by the Federal government for most mortgage servicers.  A mortgage servicer is the company that you pay your mortgage payments to. Your mortgage servicer generally is not the entity that owns your loan. Due to abusive mortgage collection practices that became highlighted by the mortgage crisis that began in 2008, the Federal government amended the mortgage servicing laws and established regulations that most mortgage servicers are expected to adhere to that can provide foreclosure help in Utah to struggling borrowers.

Although the mortgage crisis began in 2008, it took the Federal government until January 2014 to implement these consumer protection measures.  From 2008 – 2013 thousands of Americans that fell late on their mortgage payments lost their homes to foreclosure. Foreclosure in Utah peaked in December 2010 and has steadily decreased since.  Unfortunately, as the economy improved and foreclosures decreased, the oversight of mortgage servicers waned; consequently, there is a tendency for mortgage servicers to skirt the rules in the interest of expediency and cost savings.  Of course, that makes it more difficult for the struggling borrower who is looking for foreclosure help in Utah to find the help they need to save their home.

If you are struggling with making mortgage payments and feel the fear of not knowing what to do, contact Start Fresh Utah.  We can help you with good information and action steps to get the foreclosure help in Utah you need to get back in control and relieve the anxiety that can disrupt your life.  


Your Lender: Programs That Provide Foreclosure Help in Utah.

The first step you need to take is to get in touch with your mortgage servicer, sometimes referred to as your “Lender.”  The reality is that the company that you make your mortgage payment to is a debt collector and works for your Lender. While the Federal authorities require that the mortgage servicers provide online access to information for you to get foreclosure help in Utah and learn about your options, you will learn that finding the information on the Lender’s website is not as easy as it should be.  Save yourself time and call the customer service department of your mortgage servicer. Ask them to direct you to the area of the website that deals with foreclosure help in Utah and foreclosure prevention programs or mortgage help.

Additionally, if you have fallen behind more than thirty days on your mortgage payments, the mortgage servicer should have sent you a notice that you have options for foreclosure help in Utah, how to avoid foreclosure and where to call or find information on their website.  In addition, the notice from your mortgage servicer must provide an individual to whom you can speak and get answers to your questions. This person is called your “Single Point of Contact.” 

Do not be put off if your Single Point of Contact does not get back to you promptly.  Remember that you are dealing with an institution and they are notoriously bad at communication.  Be polite, but BE PERSISTENT! Keep in mind that you need foreclosure help in Utah and it is your home you are trying to save so be patient with your Single Point of Contact who has a lot of other people vying for their attention.  

Once you do get to speak with the Single Point of Contact, make sure you ask as many questions as is necessary to get foreclosure help in Utah.  Make sure that you understand what is expected of you and the deadlines for delivery of information and documents. Also, ask the Single Point of Contact to explain what the mortgage servicer is obligated to do and when.  Make sure that you are clear as to the procedure you are going to go through to get foreclosure help in Utah.

Key Advice:  Keep a log of every call you make to the mortgage servicer: date, who you spoke with, their employer ID number, what was discussed, etc.  If you can tape the call, do so, and download a copy of the audio file right away, otherwise you might forget and lose it. You never know when you will need these recordings in court.  You do not have to tell the servicer that you are recording the call. Every call you have with them is being recorded on their end; and, they are not doing it for training purposes.

Your Single Point of Contact should take the time to explain the various programs that the mortgage servicer has available to offer foreclosure help in Utah, get you out of your mortgage default and avoid foreclosure.  If you seek foreclosure help in Utah from the mortgage servicer, they will request that you complete a packet of forms and provide supporting documentation. Once you have provided all the documentation, the mortgage servicer will notify you that you have a “Complete Package.”   At that time they will begin the review process to determine if you are eligible for foreclosure help in Utah. The mortgage servicer is required to give you an answer as to whether or not you are eligible for assistance within thirty (30) days of receipt of a Complete Package, or notify you that your package is incomplete because they need additional information.   Provided you have delivered a Complete Package seeking foreclosure help in Utah to the mortgage servicer at least thirty-seven (37) days prior to the date of a foreclosure sale, the mortgage servicer MUST postpone the foreclosure sale.

Start Fresh Utah is available to assist you with guidance on foreclosure help in Utah.  The process of trying to get assistance from your mortgage servicer with foreclosure help in Utah can be very time consuming and frustrating.  Having the pressure of a foreclosure timeline ticking away coupled with the slow process of satisfying the mortgage servicer demands for documentation creates stress.  Saving your home from foreclosure can be a daunting task, not to mention fraught with anxiety. Get support from Start Fresh Utah for foreclosure help in Utah.


How Long Can I Stay In My House Without Making A Mortgage Payment?

The answer to how long you can stay in your house without making a mortgage payment is relative to when you begin the process of working with the mortgage servicer for foreclosure help in Utah.  If you are several months late on mortgage payments and then begin working with the mortgage servicer to get foreclosure help in Utah, your ability to extend your time frame could be limited. Generally, initiating communication with your mortgage servicer early in your default stage will lead to the mortgage servicer working longer with you to find a solution and provide foreclosure help in Utah.  

If the mortgage servicer is tracking the foreclosure timeline tightly, a foreclosure in Utah will take the mortgage servier eight months to complete:

Statutory Pre-foreclosure Period:    4 months
Mortgage Servicer Issues Notice of Default (90 day cure period)  3  months
Mortgage Servicer Issues Notice of Trustee Sale    1  month
Minimum Timeline for Foreclosure in Utah    8 Months

                                                                           

This timeline to foreclosure in Utah assumes that the borrower has made no attempt to work with the mortgage servicer to secure foreclosure help in Utah.  If the borrower has the right team of professionals that are familiar with mortgage servicing rules and foreclosure help in Utah, then the above timeline can likely be extended.

Start Fresh Utah has the requisite legal, real estate and mortgage servicing professionals available to work with you to maximize the timeline presented above.   The sooner you contact Start Fresh Utah for foreclosure help in Utah when you begin struggling with making your mortgage payments, the greater your options will be for a satisfactory solution to foreclosure help in Utah.

 


Do I Get A Notice Of Foreclosure In Utah?

As soon as you become thirty (30) days late on your mortgage payment, you can expect to receive written notice from your mortgage servicer informing you that your mortgage payment is late and that you can get foreclosure help in Utah.  If you fall forty-five (45) days late, then your mortgage servicer is required to notify you in writing that there are foreclosure prevention programs and foreclosure help in Utah options available to you. These written notices are not foreclosure notices because you have not reached the requisite number of months you must be late on your mortgage payments before the mortgage servicer can commence the foreclosure process.

If you have not reached one hundred twenty (120) days late on your mortgage payments, then the mortgage servicer cannot initiate foreclosure in Utah.  By way of example, if you are ninety (90) days late on your payments to the mortgage company and make a payment before you get to the end of the month, then the mortgage servicer is stuck with you keeping them from foreclosing in Utah.  

Once you become one hundred and twenty (120) days delinquent on your mortgage payments, the mortgage servicer will initiate foreclosure in Utah which starts a clock ticking toward a foreclosure sale.  Start Fresh Utah can provide foreclosure help in Utah with guidance on how to deal with your mortgage servicer and what options you have to stop foreclosure in Utah.  

The first official notice you will receive when foreclosure in Utah commences is a Notice of Default.  This document will be recorded at your county recorder’s office. The date the Notice of Default is recorded will be the beginning of a ninety (90) day period within which you can cure the default on your mortgage payments and stop the foreclosure process.  In addition, you can submit a loss mitigation package to your mortgage servicer during this period to be offered foreclosure help in Utah.  

If you have not cured your mortgage payment default within the Notice of Default ninety (90) day cure period, the mortgage servicer will issue a Notice of Trustee Sale.  This Notice of Trustee Sale will be mailed twenty (20) days before the scheduled sale via registered mail, return receipt requested and a copy of the Notice of Trustee Sale will be conspicuously posted on the property (usually taped to the front door or garage door).

If you have received notices from your mortgage servicer and have questions regarding foreclosure help in Utah, please feel free to contact Start Fresh Utah.  We have worked with all of the major mortgage servicers and banks across the country to secure foreclosure help in Utah for our clients.


How Do I Stop A Foreclosure in Utah?

Let us assume that you have fallen several months behind on your mortgage payments and have not been able to secure foreclosure help in Utah from your mortgage servicer that will enable you to bring your mortgage current to stop foreclosure in Utah.  Provided you have household income sufficient to make your regular monthly mortgage payment, you should be able to leverage the Federal bankruptcy laws to save your home. Of course, using the bankruptcy laws for foreclosure help in Utah requires that you retain competent legal counsel familiar with saving homes in CH 13 Bankruptcy.  Start Fresh Utah works closely with experienced bankruptcy counsel to provide foreclosure help in Utah.

The Federal bankruptcy laws are the most powerful consumer protection laws available to you.  If used wisely, the bankruptcy laws can enable a homeowner who wants foreclosure help in Utah to stop the foreclosure sale of your home and create a repayment plan to catch up on delinquent mortgage payments.  It is important that you understand that using the bankruptcy laws to secure foreclosure help in Utah, can stop the foreclosure in Utah, but not permanently. The foreclosure in Utah is postponed by the filing of the bankruptcy, but will not be permanent unless your plan is confirmed by the bankruptcy court, you continue to make your regular monthly mortgage payments to the mortgage servicer and stay current on your Ch 13 bankruptcy plan payments to the court.

If your income is insufficient and you default on your payments to the mortgage servicer and/or the bankruptcy court, the mortgage servicer will be able to resume its effort to complete the foreclosure in Utah.

Start Fresh Utah can help you explore your bankruptcy options that can provide foreclosure help in Utah.  Of course, when you are facing a foreclosure in Utah, it is best to get expert advice early.


Are There Alternatives To Foreclosure Help In Utah?

If you are seeking foreclosure help in Utah, there are alternatives you might consider.  However, the longer you wait to get foreclosure help in Utah and implement a strategy that works for you, the more limited your alternatives become.  Here are some alternatives to consider:

  • Do Nothing:  If a homeowner does nothing, they most likely will lose their home at a foreclosure sale.  A foreclosure sale has a negative impact on your credit rating. Loan applications generally ask if the applicant has ever been foreclosed upon.  Credit reports also disclose this damaging information. Start Fresh Utah suggest that you call for foreclosure help in Utah and avoid a foreclosure at all cost;
  • Payoff/Refinance and Reinstatement:  Completely paying off the entire loan amount plus any default amount and fees.  Usually, this is accomplished through a refinance of the debt. New debt is normally at a higher interest rate and there may be a prepayment penalty because of the recent default.  Reinstatement: Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
  • Loan Modification:  Utilizing the existing mortgage servicer programs to help foreclosure in Utah and restructure the terms of the loan .  This may allow the homeowner to catch up at a more affordable payment level. To qualify, you must demonstrate a financial hardship and that you have the income to pay a modified payment.  Start Fresh Utah works with all mortgage servicers and lenders to secure foreclosure help in Utah through loan modifications for qualified clients.  
  • Forbearance:  The mortgage servicer may be able to arrange a repayment plan based on the homeowner’s financial situation as another option for foreclosure help in Utah.  The forbearance plan may even be able to provide a temporary payment reduction or suspension of payments. Information will be required by the mortgage servicer and/or lender to show that you are able to meet the new payment plan requirements.  Start Fresh Utah can assist you with securing foreclosure help in Utah and with planning the best payment options under a forbearance.
  • Deed in Lieu of Foreclosure:  Give the property back to the bank instead of the bank foreclosing.  In order to qualify for this option for foreclosure help in Utah, mortgage servicers and lenders generally require the home to be well maintained and that no judgments appear on the title to the property.  The mortgage servicer is most likely going to require a homeowner to try to sell the property prior to accepting a Deed in Lieu of Foreclosure. Start Fresh Utah has licensed realtors on its team to assist you with foreclosure help in Utah. 
  • Sale or Short Sale:  If the property has equity (money left over after all loans and monetary encumbrances are paid), the homeowner may sell the home without mortgage servicer or lender approval through a conventional home sale.  In this case, the homeowner will get cash from the sale. Start Fresh Utah has qualified, licensed realtors that can assist you with the sale of your home even if you are in the middle of a foreclosure in Utah.  Start Fresh Utah advises clients to do everything they can to avoid a foreclosure of your home, as the foreclosure will have a strongly negative impact on your credit.  Start Fresh Utah has licensed realtors on its team to assist you with foreclosure help in Utah.

On the other hand, if your home will not sell in the market for an amount sufficient to pay off all of the liens against it, a Short Sale can be negotiated with your mortgage servicer or lender.  Start Fresh Utah is expert in handling the complexities of the short sale process and can assist you in securing the right team to get the Short Sale completed. Initiating a Short Sale with your mortgage servicer or lender is an excellent strategy to buy you extra time in your home to transition to a new residence without being evicted.  A Short Sale requires a qualified team of professionals that coordinate efforts to maximize the benefits to you and stop a foreclosure in Utah.

  • Bankruptcy: This option may enable a homeowner to keep the home and can liquidate debt.  Most significant, the bankruptcy can stop the foreclosure in Utah and provide you more time to avoid foreclosure.  Start Fresh Utah can assist you in determining your bankruptcy options. 
    • Chapter 7 (Liquidation) To eliminate personal debt (exemptions apply);
    • Chapter 13 (Reorganization) Payment plan to reduce debts in 3-5 years.

Contact us and know your options. Starting Fresh Starts Now.