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Stop Foreclosure in Salt Lake City, UT

Stop Foreclosure in Salt Lake City, UTSalt Lake City, UT, Foreclosure Help

If you own a home in Salt Lake City and are facing foreclosure, it’s time to get help. We are Foreclosure Advocates. Our purpose is to help you find solutions that can prevent foreclosure. When possible, we’ll help you pursue a course of action that lets you keep your home. In cases when that’s not the best way to go, we’ll still help you settle your debts and get into a new home without destroyed credit and forfeited assets. 

The Foreclosure Process in Salt Lake City

Foreclosure begins with late payments. In Utah, it can’t begin until the borrower is three or more payments behind. Once that criterion is met, the process can begin.

Step one is the lender demanding money. It’s pretty straightforward stuff. From the first demand, you have 90 days — guaranteed by law — to get back in good standing with your mortgage. After those 90 days expire, the lender can move forward with foreclosure.

In Utah, the lender will draw up a deed of trust. Basically, this brings in a third party to sell your house. You get at least three weeks from this point to vacate the home. When time is up, the trustee will sell the house and give the proceeds to the lender.

Notice that there is a lot of time baked into this process. If you’re looking at foreclosure, there’s a good chance you still have enough time to take action.

How to Stop Foreclosure

There are tactics you can try to stop foreclosure. Some of them help you keep your house. Others focus more on preserving your credit. Among the options out there, three help the most people in Salt Lake City prevent foreclosure. Those methods are loan modification, bankruptcy, and selling the house. At Foreclosure Advocates, we can help you sift through these options and determine which one is best for you.

Obtain a Loan Modification

A loan modification is often the first step people take when they know they can’t pay their mortgage. It’s a legally binding agreement that changes the terms of the mortgage. Typically the goal is to adjust the mortgage so that the monthly payments are more manageable.

While this is a promising way to fight foreclosure, it is not universally accessible. In most instances, the borrower will have to show extraordinary financial problems to have the modification granted. This route rarely works unless the borrower loses a job, loses a spouse, or is in some way impaired or incapacitated beyond the ability to work.

Declare Bankruptcy

Bankruptcy is a powerful tool for dealing with overwhelming debt. The two types of bankruptcy that may help homeowners prevent foreclosure are Chapter 7 and Chapter 13.

With Chapter 13 bankruptcy, you can negotiate a term to catch up on missing or late mortgage payments. However much you are behind can be totaled and split over an agreed term, which is typically five years. Keep in mind that for this to work, you have to make those back payments in addition to the regular monthly mortgage. If you can keep up, then when the bankruptcy completes, you’ll be clear of back payments and will only have what’s left on the mortgage remaining.

With Chapter 7, the process and goals are different. Chapter 7 bankruptcy is designed to help you liquidate everything you own and pay off debt. This process takes months, and because of that, Chapter 7 bankruptcy comes with an automatic stay on debt collection. This means that you can use bankruptcy to stop the foreclosure process while you settle in court. That can buy you time to pursue other options to deal with the foreclosure.

Sell Your House Fast for Cash

The most common means of preventing foreclosure is selling your house. When you sell your house, the bank gets whatever you owe them, but you get whatever is left after that. If your house has appreciated or if you’ve made payments for a while, then selling your house can prevent foreclosure and put cash in your hands.

If you’re in a hurry, the best way to sell your house is to a cash buyer. At Foreclosure Advocates, we have a team of real estate investors on hand to help you sell your house if this is the best option for you.

Contact Us to Discuss Your Options

If you want to prevent foreclosure of your Salt Lake City house, you have to understand your options. At Foreclosure Advocates, we’re here to help, and we’re happy to do so. Give us a call or contact us online to get some expertise in your corner. We’ll make sure you properly understand all of your options. Then we’ll help you pursue them. Your best chance at avoiding foreclosure comes when you let us offer a helping hand. Contact us today to learn if a loan modification, bankruptcy, or selling your house is the best method to prevent foreclosure of your Salt Lake City home.