What is a foreclosure timeline for a loan modification?

A foreclosure timeline for a loan modification in Utah typically begins when a homeowner defaults on their mortgage payments. At this point, the mortgage company can begin the foreclosure process. In Utah, the homeowner has 90 days to bring their payments current and stop the foreclosure process. If the homeowner does not bring their payments current within this timeline, the mortgage company can begin the foreclosure process. The next step in the timeline is for the mortgage company to file a Notice of Default with the county recorder. This Notice of Default is then published in a local newspaper and is sent to the homeowner. This gives the homeowner two more chances to bring their payments current or work with the mortgage company to modify the loan. The Notice of Default is also sent to the local court and the home is placed in the foreclosure registry. If the homeowner does not bring their payments up to date, the mortgage company can file a Complaint of Foreclosure. At this point, the court will assign a hearing date for the case. This hearing will be either a show-cause, bench, or jury trial depending on the case. The homeowner may also be able to negotiate a loan modification or a loan repayment plan at this hearing. If the homeowner does not bring their payments up to date after the hearing date, the court will issue a foreclosure judgment and the property will be sold at a public auction. After the property is sold, the former homeowner has ten days to vacate the property. This timeline can be extended if the homeowner is able to work with the mortgage company to modify the loan. If the loan is successfully modified, the foreclosure timeline can be stopped and the homeowner can stay in the home.

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What is a foreclosure timeline for a loan modification?

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