What is Foreclosure in Ogden, Utah?

Find the right Foreclosure Bankruptcy attorney in Ogden, UT

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Ogden, Utah When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an easy way to do this.

In all states in the United States, including Utah, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In some states, original mortgages are "non-recourse loans," meaning that the lender can only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with an Ogden, Utah lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Utah?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Ogden. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Ogden, Utah Attorney Help?

If you think foreclosure is imminent, a good Ogden, Utah attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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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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