Ogden Foreclosure Lawyers

Find the right Foreclosure attorney in Ogden, UT

Foreclosure Law in Utah

In Ogden, Utah is a process allowing 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 usually involves a home that was purchased with a mortgage from a bank. The bank will usually 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 type 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 protect 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 known as a "non-recourse loan." While the regulations governing these loans are complex, it most basically 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 Ogden, Utah

To avoid foreclosure, communicating with your lender is key. Let's face it - if you're in a situation where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's difficult 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 be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

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 immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting.

As a last resort, you might consider a "short sale," which results in loss of the home, but it usually leads to a great deal of the debt on the mortgage being forgiven. Essentially, a short sale in Utah involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Ogden, Utah real estate attorney help?

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

Talk to a Real Estate Law Attorney now!

Life in Ogden

Ogden is located in Weber County, Utah. It has a population of 82,825 people per the 2010 census. It is one of Utah's most important cities and in 2010, Forbes Magazine voted Ogden the sixth best place for families to settle in.

Ogden is known for its beautiful history and historic attractions. Such attractions include Bigelow-Ben Lomond Hotel, DaVinci Academy of Science and the Arts, Historic 25th Street, Eccles Avenue Historic District, Jefferson Avenue Historic District, the Junction, Peery's Egyptial Theater, Union Station, Snowbasic and Treehouse Children's Museum. As is obvious, Ogden is a great place for families to visit; there is something for everyone!

The legal force is also present in Ogden via various small firms and law offices run by competent attorneys practicing in any and every legal area of practice. Therefore, Ogden residents do not have to travel far to take care of their legal needs.

Some famous people who have called Ogden home include Hal Ashby, Val A. Browning, Wataru Misaka, Gedde Watanabe, Tanoka Beard, Byron Scott, Colby Bockwoldt, and Brent Scowcroft.

Overall, Ogden is a wonderful place for people to visit and families to call home!

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