Foreclosure Laws in Utah
Judicial Foreclosure: Yes
Non-Judicial Foreclosure: Yes
Security Instruments: Trust Deed / Mortgage
Right of Redemption: Court's Discretion
Deficiency Judgments: Yes
Time Frame: Varies
Public Notice: Notice of Default
Judicial foreclosure: The lender files a complaint against the borrower in a court within the county in which the property is located. The court will allow the borrower a set time to cure the default. If the borrower fails to do so, the court must issue a decree of sale before the actual foreclosure can proceed.
Non-judicial foreclosure: Used when the loan document contains a power of sale clause that pre-authorizes the lender to sell the property in the event of the borrower’s default.
If the power of sale clause includes the time, place, and terms of sale, that procedure must be followed. Otherwise the procedure is as follows:
Right of redemption: May be granted by the court, with the length of time to redeem set at the court’s discretion on a case by case basis. There is no statutory length of the redemption period.
Deficiency judgment: Such judgments may be granted by the court, and the lender has the right to seize and hold the property until the difference between the foreclosure sale price and the loan balance is paid.
Confusing? Let us help you understand your rights as a homeowner and explain your options. YOU DO HAVE OPTIONS!!!! So call me now to find out which is the right option for you! It won’t cost you a penny, but could save you thousands!
Justin Robins, Realtor
Market Edge Real Estate