What is the foreclosure timeline?

Foreclosure is a legal process that lenders use to take ownership of a property when a borrower has failed to make payments on their loan. In Utah, foreclosure is governed by the Utah Code Annotated Title 57. The timeline for foreclosure in Utah is outlined in the Utah Code Annotated Title 57. Before a foreclosure can begin, a homeowner must be at least 90 days delinquent on their payments. The lender must then provide legal notice to the homeowner through the filing of a complaint and summons. The homeowner then has 30 days from the time of the complaint filing to file an answer and set up a payment plan or to dispute the foreclosure. If the homeowner does not respond to the complaint within the 30 days, the lender can obtain a default judgment, which is a court order that allows them to obtain the property. Once a default judgment is obtained, the property will be sold at a public auction after a period of no less than one month. The proceeds from the sale will be used to pay off the loan. If the proceeds are not enough to cover the loan amount, the lender can pursue additional payment through a deficiency judgment. At any point during this process, the homeowner can seek foreclosure defense law assistance to protect their rights and interests. An attorney can help the homeowner either stop the foreclosure process or negotiate a favorable agreement with the lender. In Utah, there are also options available to assist homeowners facing foreclosure, such as loan modification or refinancing, to help them keep their home.

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What is the foreclosure timeline?

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