Short Sale FAQ

HAFA FAQ
(Home Affordable Foreclosure Alternative)

Utah Foreclosure Laws

Experts in Getting
Short Sales

Utah Foreclosure Laws

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What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property. The foreclosure process begins when a borrower/owner defaults on the agreed mortgage payments. This can be as soon as missing one single payment or several payments. The lender then hires the services of a trustee. This is usually an attorney that will begin the foreclosure process who will file a public default notice, called a Notice of Default.

Time Line for a Foreclosure

The time line varies with different lenders but this is basically the way it looks

The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law.
2. The borrower/owner sells the property pays off the loan and in order to avoid having a foreclosure on his or her credit history.
3. The property is sold at a Trustee Sale.
4. The borrower/owner deeds the property back to the mortgage company (Deed in Lieu of Foreclosure). This process also has a negative impact on the borrower's credit.

A Short Sale May be Your Best Option

A Short Sale is a good alternative in order to avoid the damaging affects of Foreclosure. A foreclosure not only affects your credit for the next 5-7 years but any time you apply for a mortgage there is a question on the application asking if you have ever had a foreclosure.

A Short Sale may avoid a deficiency judgment against you. For example, by doing a HAFA short sale there are no deficiency judgments. With other short sale transactions by negotiating with the lender we are able to get the lender to waive their right to a deficiency judgment. Each case is different.

Don't wait. If you are facing a foreclosure get help now.

The faster you act the more options you have available to you. Banks are more willing than ever to help home owners with alternatives to avoid foreclosure. Short Sales are just one option available.

Get help now. Contact us for a FREE private consultation.
Linda@LindaBills.com

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