The Utah foreclosure process will begin as soon as you miss monthly payments on your loan. When this happens you need to be prepared to stay in touch with the lender almost on a daily basis if you want to keep your home. There are options the lender will give you to save your home during this time.
During the Utah foreclosure process the lender will give you options to get a personal loan to get caught up on the monthly payments, defer monthly payments, refinance the loan, and even try to help you sell the home. If you want to keep your home they will offer you many different options to get caught up. Lenders don’t want to own foreclosures.
The entire Utah foreclosure process can take up to 1 year to complete. You do have plenty of time to come up with money to get caught up on the monthly payments. Keep in mind that there are late fees and penalties that you will have to pay to the lender in addition to the missed monthly payments. These fees are required to be paid also when you get caught up but if you show the lender you are serious about getting caught up they will work with you in any way possible.
Once the Utah foreclosure process begins it may be hard to stop it if you have not been speaking to the lender. They will call you on a daily basis and sometimes 10 times a day. You should talk to everyone from the lender that calls because it shows you care about saving your home. If you do not remain in touch with the lender then they will sell your home at the public auction and you will have to move out in approximately 6 months. Remember, if you make a deal with the lender to save your home, be sure you meet the obligations of this promise or the process will start back up and the lender will not work with you a second time.