Foreclosure Lawyer North Salt Lake Utah
North Salt Lake is a city in Davis County, Utah, United States. It is part of the Ogden–Clearfield, Utah Metropolitan Statistical Area. The population was 16,322 at the 2010 census, which had risen to an estimated 20,850 as of 2018. North Salt Lake is located in southern Davis County; it is bordered to the north by Woods Cross, to the northeast by Bountiful, and to the south by Salt Lake City in Salt Lake County. According to the United States Census Bureau, North Salt Lake has a total area of 8.6 square miles (22.2 km2), of which 0.1 square miles (0.2 km2), or 0.80%, is water.
How To Serve Foreclosure Documents Properly
Service of process and protecting due process rights is always an important part in any legal matter, but knowing how to serve foreclosure documents requires additional expertise and knowledge. To serve foreclosure documents properly, it is important to have a process server you can trust.
The Impact Of Defective Service
Once it’s been determined service is defective or improper, cases generally need to start over from the beginning no matter how far they are into the case. From the perspective of the lender and the attorney there are significant cost ramifications for delaying the timeline. Not only will additional time need to be spent on the case exceeding what was originally planned, in the instance of vacant and abandoned properties there is also the cost of maintenance. The longer these homes and buildings sit the longer there is the possibility for additional issues to arise from lack of use.
Strict Court Foreclosure Requirements
Given the magnitude of foreclosures in terms of both monetary value and emotional impact, courts have set a very high bar for what constitutes proper service. A lack of due diligence or a challenge to service is going to be thoroughly examined. No matter what documents being served in a foreclosure matter they should all be given the same level of attention. Multiple attempts at different times of the day, efforts to locate an alternate address if the subject has moved and thorough documentation are all necessary from your process server.
How To Serve Foreclosure Documents
Every single day matters when it comes to timelines and costs. A foreclosure process server should have thorough knowledge of the rules and laws to avoid any possibility of defective service. They should be skilled in how to prove due diligence, making multiple attempts at different times of the day in an effort to complete personal service. When choosing a process server, it’s also important to select one who will be able to back up their service attempts in court. Should they be in called in for a Traverse Hearing a professional demeanor, detailed notes and ability to recall the service will go a long way toward proving service was actually completed in accordance with all rules.
Foreclosure of loan: Here’s how to do it
An outstanding home loan calls for monthly PMI. In case a person receives a lump sum amount, he can choose to foreclose the existing home loan to be financially debt free. To foreclose a home loan, you must follow the procedure detailed below.
First, write an application to the finance company/bank for foreclosure of loan. Existing home loan account number and copy of address proof may be enclosed with the application.
Once the application is received, the bank will calculate the amount outstanding after taking into account the interest paid so far and the date of foreclosure. The amount payable shall be communicated. This amount needs to be paid by way of check or online transfer.
No pre-payment penalty can be levied on foreclosure of floating rate loans. Some charges on fixed rate loans may be levied. These charges will have to be added while making the foreclosure payment. On receipt of outstanding dues, the bank will complete the foreclosure formalities. EMI instructions will be stopped forthwith. Original documents such as property title deeds and related documents will be returned to the customer within 10 -15 working days.
No dues certificate
Along with original papers, the customer needs to receive a no-dues certificate from the bank stating that no amount is payable. The certificate must include address of the property and personal loan is one of the most popular borrowing options for individuals seeking quick access to funds for a variety of personal reasons. However, the unsecured (collateral-free) nature of this loan makes it vitally important for lenders to ensure the credit worthiness of the applicant. In this regard, one of the first things that prospective lenders look at is the credit score of the loan applicant.
What Is a Notice of Intent to Foreclose?
In general, as a project participant on a construction project, you can file a mechanics lien. This process of filing a mechanics lien secures the right to file a claim against the property in the event of non-payment. If filing a mechanics lien does not spur payment, you have the option to initiate a lawsuit, but this article will discuss a better option than initiating a lawsuit. You can instead send a Notice of Intent to Foreclose which is not only a powerful collection document, it also helps the claimant avoid having to file a lawsuit to enforce the lien.
Mechanics Liens – Not Ideal, But Sometimes Necessary
Nobody likes liens, but if you’re not getting paid on a construction project – money that you’ve already earned – then sometimes, filing a lien is necessary. When it gets to the point that a lien is filed, this significant step is usually enough to get the attention of the interested parties on the project and to prompt payment. However, if filing the lien does not prompt payment, then the claimant always has the option to initiate a lawsuit to enforce the lien, which is also known as a foreclosure action. We already know that everyone hates liens, but guess what? Everyone really hates litigation. Initiating a foreclosure action is not very attractive because it is costly and risky. But don’t worry there is an option that may help claimants avoid court. It’s a document, a “warning letter” called a Notice of Intent to Foreclose.
What Is a Notice of Intent to Foreclose?
A Notice of Intent to Foreclosure is a cost-effective way to provide one last warning prior to initiating a lawsuit. It is a voluntary warning letter that clearly states that if payment is not made then the claimant will initiate a lawsuit. And since we already know how much everyone hates lawsuits, sending a Notice of Intent to Foreclose can be very effective at prompting payment (so that a lawsuit can be avoided). Sending a Notice of Intent to Foreclose is a cost-effective tactic because it adds pressure on property owners due to the threat of pending litigation, on top of the lien filing which is already on their property. This pressure on property owners gives more incentive to the interested parties to satisfy the lien. This also avoids litigation costs for both sides – by avoiding legal costs associated with litigation such as court costs and legal fees.
This warning letter is optional. That being said, if you choose to send a Notice of Intent to Foreclose, the main requirement is that there has to be an existing, filed mechanics lien to foreclose upon. Or in other words, sending an optional Notice of Intent to Foreclose has to come after a mechanics lien has been filed. Then, there are other deadlines on your mechanics lien so the best practice is to send the Notice of Intent to Foreclose well before the lien’s deadline-to-enforce date. So, to recap, the window of time to send a Notice of Intent to Foreclose is after a lien has been filed, but well before the deadline to enforce the mechanics lien. And you’ve got to be careful here because these deadlines vary greatly from state-to-state and according to several other factors.
What Is the Home Foreclosure Process & How Long Does it Take?
A foreclosure occurs when a homeowner defaults on her mortgage payments. The process typically begins after the fourth missed payment with the issuance of a Notice of Default. The length of the entire foreclosure process depends on state law and other factors, including whether negotiations are taking place between the lender and the borrower in an effort to stop the foreclosure. Overall, completing the foreclosure process can take from 6 months to more than a year.
Mortgage vs. Deed-of-Trust
State law determines the method through which homes are purchased. As a result, homes can either be purchased with a mortgage or a deed-of-trust. The lender would benefit from a deed of trust because it allows them to pursue a non-judicial power of sale; (also known as trustee sale ;), thereby circumventing court procedures. On the other hand, having a mortgage would require that the lender obtain court permission in order to foreclose on the borrower.
Notice of Default
The Notice of Default starts the official foreclosure process. This notice is issued 30 days after the fourth missed monthly payment. From this point onwards, the borrower will have 2 to 3 months, depending on state law, to reinstate the loan and stop the foreclosure process.
Judicial vs. Non-judicial Foreclosure
The primary difference between a judicial and a non-judicial foreclosure proceeding is that the former involves court action. The lender would have to file a lawsuit with the court and prove that they have taken the necessary steps to remedy the situation and collect any debts still owed. This process could take between 2 and 3 months after the Notice of Default has been issued
The redemption period allows homeowners to remain in their property without risk of eviction after the foreclosure has been completed. Furthermore, the redemption period also gives the homeowner an opportunity to buy the property back by at the “redemption price,” which is the price the property sold for at the foreclosure sale. The amount of time allowed is dependent on state law. However, if the property was purchased using a deed-of-trust, the homeowner forfeits this provision; though, in some deed-of-trust sales such as in California, a judicial foreclosure is still possible, and through this the redemption period still exists.
Steps After Receiving a Foreclosure Notice
No homeowner wants to receive a foreclosure notice in the mail. If your lender does send you one of these, don’t panic. Receiving a foreclosure notice doesn’t mean that you will automatically lose your residence. There are steps you can take to avoid losing your home to foreclosure. The worst move you can make after receiving a foreclosure notice is to do nothing.
Call your bank or mortgage lending company immediately after you receive a foreclosure notice. You may not want to do this. You may be embarrassed. But your lender is in the best position to help you avoid foreclosure. Don’t forget that banks and lenders are not in the business of owning homes. They don’t want to have to sell your residence. It’s in their best interests to keep you in your residence and making payments. Your bank or lender might be able to work out a compromise that result in lower monthly payments for you.
Compose a Hardship Letter
Your lender will listen to you if you’ve suffered a financial hardship that makes it impossible for you to pay your monthly home loan payment. You may have lost a job. You may have taken on a new job, out of necessity, that comes with a lower annual income. Maybe you’ve suffered a serious illness that kept you from working. When you call your lender, explain your financial setback. Your lender will most likely ask you to write a financial hardship letter. Use this letter to explain the financial problems you now face. Your lender will consider this letter when deciding whether to modify your mortgage loan to one with a lower monthly payment.
To prove that you’ve suffered a financial hardship, you’ll have to make copies of several important financial papers. These include your last two paycheck stubs, your last two federal income tax returns, your current credit card statements and the statements from any student, auto or personal loans that you may hold. You want to show your lender that while your monthly debt obligations have not changed, your gross monthly income has plummeted, making it impossible for you to pay your mortgage bill each month. If your lender agrees, it may reduce your interest rate, rework the terms of your loan or even forgive a portion of your principal balance, all of which would result in lower monthly payments.
The federal government offers a Home Affordable Modification under its Making Home Affordable program; this provides incentives to lenders to negotiate with homeowners who are delinquent on their payments for more affordable mortgage payments. The federal government also offers a Home Affordable Foreclosure Alternatives program. This program provides financial incentives to mortgage servicers who agree to complete short sales or deeds-in-lieu of foreclosure for homeowners who would otherwise lose their homes to foreclosure. In a short sale, homeowners agree to sell their homes for less than what they owe on their mortgage loans. Their loan servicers have to agree to this, which is why the government is offering these institutions financial incentives to approve short sales. In a deed-in-lieu of foreclosure, the owners of a home voluntarily transfer ownership of their home to their servicer.
Before a bank can sell your house at a foreclosure sale, you will get some sort of formal notice about the foreclosure. The kind of notice you’ll get depends on whether the foreclosure is judicial or non-judicial, and what your state’s foreclosure laws require.
Utah Foreclosure Attorney
When you need legal help with a bankruptcy or foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506