FORECLOSURE time line

Quick Facts

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instrument: Deed of Trust, Mortgage
Timeline: Varies
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes

30 days-first late payment
60 days- legal letters begin to arrive, some may come from an attorney's office.
This IS NOT the start of foreclosure, just a warning.
90 days- NOD (notice of default) is recorded. Certified letter will be sent. the letter will either say NOD or substitution of trustee.
150 days a notice of sale will be posted. It will state the date of the foreclosure sale. It will be mailed certified mail and posted on the home.
180 days the home goes to sale. If sold at auction its processed by the servicer. If not it goes REO and is reverted back to the bank or investor on the note.

HAMP

You may be eligible for HAMP if you meet all of the following criteria: Home Affordable Modification Program (HAMP)
•• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction

Your lender and investor must participate. The investor is the entity that supplied the funds for securing your loan. the servicer is the bank that services your loan. FHA, VA, USDA among others DO NOT participate in HAMP.

Thinking About Buying Your First Home?

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.

The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

simple steps to avoid making mistakes

Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

Get approved before you buy.
An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close.

Avoid The Most Common Buyer Errors

Avoid The Most Common Buyer Errors

•Paying too much
•Losing a dream home to another buyer
•Buying the wrong home

Buying a Home in Utah

Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.

Please contact me if you have any questions about buying a home in Utah.

Selling a Home in Utah

Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale? 

     Please contact me if you have any questions about selling your home.