Utah Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
Utah's anti-deficiency statute is codified in the Utah law prevents a lender from seeking a deficiency judgment after foreclosure when the mortgage loan was made to help purchase the home, the property is less than 2.5 acres in size and less than two ?dwelling units? in size.
If a foreclosure is nonjudicial, the foreclosing lender must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, with a judicial foreclosure, most states allow the lender to seek a deficiency judgment as part of the underlying foreclosure lawsuit.
Most foreclosures in Utah are done without a court case. They follow a process known as "nonjudicial foreclosure." This is also sometimes called a "trustee sale." The steps in a nonjudicial foreclosure are below.
In order for deficiency judgment to be granted, a creditor must be in a state that recognizes deficiency judgments for the type of debt and prove that the asset was sold at a fair price. Deficiency judgment most often arises in mortgage foreclosures where the home does not cover the cost of the mortgage.
In Utah, the lender can get a deficiency judgment after a nonjudicial foreclosure by filing a lawsuit within three months of the sale. (Utah Code Ann. § 57-1-32).
Utah's anti-deficiency statute is codified in the Utah law prevents a lender from seeking a deficiency judgment after foreclosure when the mortgage loan was made to help purchase the home, the property is less than 2.5 acres in size and less than two ?dwelling units? in size.
California law generally prohibits a deficiency judgment following the short sale of a residential property with no more than four units. Junior lienholders are also prohibited from pursuing a deficiency judgment if they agree to the short sale and they receive proceeds as agreed.
Therefore, a lender seeking to foreclose on a property secured by a trust deed must ?(1) commence an action to foreclose the trust deed, or (2) file for record a notice of default under [Utah Code] Section 57-1-24? before the six-year statute of limitations period expires. See Utah Code Ann. § 57-1-34.