Midvale Foreclosure Lawyers

Find the right Foreclosure attorney in Midvale, UT

Foreclosure Law in Utah

In Midvale, Utah is a process authorizing a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

If an ordinary consumer faces foreclosure, it typically involves a home that was purchased with a mortgage from a bank. The bank will typically try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

In Utah, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this form of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to safeguard the borrower: it helps prevent them from still owing money after the house is sold at auction.

In a large number of states, but not all of them, mortgages are a type of loan identified as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Midvale, Utah

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They issued a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

Lastly, there is the "short sale." Typically considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good choice. In Utah, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Midvale, Utah real estate attorney help?

If you are worried that your Midvale, Utah house is going to be foreclosed, and want to try and stop this, a reliable real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Midvale

Midvale, Utah is a city located in Salt Lake County. It has a population of about 27,000 people.

Prior to the arrival of white settlers, the area now known as Midvale was populated by the Ute Indians, and had been for thousands of years. When settlers arrived in the 19th Century, growth of the town was very slow, and its economy was based almost entirely on subsistence agriculture.

However, the town began to grow, both in population and wealth, with the discovery of rich mineral reserves. Once word got out in the 1850sabout the area's natural wealth, large-scale settlement began.

Modernly, Midvale is closely linked to Salt Lake City, economically. Many people who live in Midvale are employed in the much larger urban center of Salt Lake City. Midvale enjoys the quiet and friendly character of a small town, but its proximity to a large city allows residents to partake of the attractions and amenities that only a big city can offer.

If you have a legal issue, there's probably at least one Midvale, Utah lawyer who can handle it. Midvale, Utah attorneys are highly skilled, and are capable of assisting clients with almost any legal problem.

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