In order to stop foreclosure in Utah the first thing that you need to do is acknowledge your current financial situation. Many people completely miss this step and so they take no action to stop foreclosure. They feel that if they burry their head in the sand then their foreclosure will all go away. It won’t. The moment that you realize your financial situation you can take steps toward where you want to go financially, but whatever you do, do not ignore the problem, or any communication from your lender. Reply to every notice you receive immediately. Research all the different options available to you according to Utah's foreclosure law. Consult with a Utah HUD-approved counselor or a loss mitigator from your mortgage company who will be able to outline specific options for you to stop foreclosure. Make sure that you understand your options to stop your foreclosure.
Contact your lender the moment that you acknowledge your current financial situation. It is in your lenders best interest for you to keep your home and they are going to do all that they can to make sure that this happens. Your lender is not in the real estate business, they are in the money business, they would much have your money than your house and so if there is a way that they could work this out and stop your home’s foreclosure, they will gratefully pursue that solution. When you call inform them of your financial situation and ask them about the different loan modifications that you may qualify for. Their response will be asking about your financials, so it would be smart to have all of your asset, income and expense information in front of you when you call your lender. They will probably need to process your information through some sort of committee that they have to find out what workout plans you qualify for (Every lender handles foreclosure a little bit differently and they may be able to give you a answer right over the phone). They may ask you to fax some information over to them like your pay stubs and tax information. Before you get off of the phone ask your lender what your current pay off amount is. This shows your lender that you will be willing to sell your house if you don’t qualify for an acceptable loan modification to make sure that you stop foreclosure from appearing on your credit record. They will take you more seriously.
Call your loss mitigation representative at least once a week after you have faxed any paperwork and while your loan is being reviewed for a modification. They will tell you that the loan is still in review and this could take up to 45 days to check your qualification. Again, this lets your lender know that you are serious about stopping your foreclosure.
If a loan modification comes back and you feel that it may be stretching you financially too much, or you don’t qualify for a modification, then you should consider selling your home to avoid foreclosure. In today’s market it is taking the better part of a year to sell a home for close to fair market value, you don’t have that kind of time. If you have a substantial amount of equity then you may be able to sell your house to a cash buyer at a discount, but for most people their best option is probably going to be a short sale. It is best to stop foreclosure rather then letting the foreclosure process take its course. If you don’t stop your foreclosure then the sheriff will show up at your doorstep without warning and kick you out of your house. This is not a comfortable situation for your family and it is much better to do anything that you can to stop foreclosure.
This article just touched the basics that you will need to do to stop foreclosure in Utah. You can get a more detailed report on the 5 fastest ways to stop foreclosure by visiting www.StopHomeForeclosureUtah.com
