Stop Foreclosure
Don’t be misled!
One thing we want the citizens of Utah to know is that they don’t have to become a victim of the system. Too often, people think that once they are late or faulty on their mortgage for a few months in a row, then a foreclosure will occur. This is when many people begin to lose hope. The truth is, the process is very long and there are a ton of options that can prevent this from happening.
That’s where we come in. Stop Foreclosure Davis Weber has developed this website with the sole purpose of giving you all the ammo you need to “fight for your right” to stay in your home.
What is a Foreclosure?
A foreclosure is a process, not a specific date. It is the process that lenders have to use to get their money back on a property that they have a lien against because the homeowner has stopped making their monthly payments.
How long does it take?
The foreclosure timeline in every state is different. So, consult a Realtor or attorney that knows the foreclosure laws in your state, or go to www.realtytrac.com. In Utah, for example, the foreclosure process takes a total of about 7 months. Most non-judicial states are within a few months, give or take. For more information this topic please visit our site Stop Foreclosure Davis Weber and download your free copy of “The Truth About Short Sales, Loan Modifications and Foreclosures”.
What are the credit implications of a foreclosure?
A foreclosure can drastically upset your credit score and should only be considered as a last resort. Some who have gone through a foreclosure claim that the foreclosure dropped their score as much as 250 – 350 points. So if you had a near perfect score of 790, your score could be dropped as low as 440, depending on other bill you may be behind on in addition to the foreclosure on your credit record.
What are Judicial and Non-Judicial foreclosures?
There are two types of foreclosures in Utah, although each state follows its own set of processes. When someone has to go to court over their home, this is called a judicial foreclosure. Getting served with foreclosure papers may seem like the end of the world.
However, when cases are handled out of court, this process is called a non-judicial foreclosure. What you may not realize is that banks want to settle out of court. They simply do not want to spend the money on high powered lawyers and will do anything within reason to settle the matter out of court. That means that there is a power of sale clause in the mortgage or deed of trust.
This gives you ample opportunity to work with the bank!
But, if you choose to do nothing… you are destined for disaster.
One thing is for sure, you don’t want to be left holding the bag! In the state of Stop Foreclosure Davis Weber, there is what is called a deficiency judgment, which means that whatever is left over from the sale of the home and what you owed can be pursued by the bank. If you don’t want to be hounded by banks for money owed on a house you no longer live in, then you absolutely need to contact us today for truly expert advice. We can help you to either get your home sold, or show you the right way to stay and keep your home.
Don’t lose control…. Call us before it’s too late!
