foreclosure assistance in Utah

Foreclosure is a legal process that forbids homeowners to keep possession of their houses. It is the termination of all rights of the homeowners covered by a mortgage. In foreclosure the houses becomes the absolute property of the lending institution. Foreclosure process begins when the homeowners fails to make payments of the money due on the mortgages at the appointed time. This may happen due to several reasons: unemployment, divorce, medical challenges, terms of the loan, sick of property management, and even death.

Foreclosure poses threat to the interests of both homeowners and lenders. When a foreclosure process starts, borrowers and lenders face a challenging situation. Both need foreclosure assistance that permits a win-win outcome. The borrowers want to keep their homes and the lenders want to keep receiving mortgage payments. The proceedings start with a formal demand for payment which is usually a letter issued from the lender. This letter is known as Notice of Default (NOD). Depending on the state, lenders issue NOD when the homeowners have been 3 months delinquent on the mortgage payments. The NOD is a threat to sell homeowners’ property, terminate all their rights and force you out from the premises. This process can be rapid or lengthy and varies from state to state. Options such as refinancing, alternate financing, temporary arrangements with the lender, or even bankruptcy present homeowners with ways to avoid foreclosure.