What is Foreclosure in West Jordan, Utah?

Find the right Foreclosure Bankruptcy attorney in West Jordan, UT

Foreclosure in West Jordan, Utah is a legal proceeding which allows a mortgage lender to take ownership of the home that was used to secure the mortgage, in the event that the creditor defaults. Foreclosure usually involves a forced sale of the house at auction. Banks usually want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the U.S., including Utah, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in West Jordan, Utah to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Utah?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be honest with, your creditor as much as possible. It is necessary to remember that banks don't really want to own homes in West Jordan. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A West Jordan, Utah Attorney Help?

If you are faced with the possibility of foreclosure in West Jordan, Utah, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in West Jordan

West Jordan is located in the heart of Salt Lake Valley in Utah. It is part of Salt Lake County and has a growing population of about 76,000 people. The city was settled as early as 1848 and relied mostly on agriculture and mining to create its economic base.

Today, West Jordan is one of the most rapidly growing cities in Utah and a major suburb of Salt Lake City. Its recent growth may be attributed to residential expansion as well as commercial development. The city currently boasts four different retail centers, the largest being the Jordan Landing complex. Due to its population boom, future plans for West Jordan include expansion of its railways and commuting freeways.

West Jordan is an immensely popular destination for persons seeking local festivities, such as the Fourth of July Western Stampede held every year. Also, the city's Arts Council sponsors numerous culture events and activities. The Schorr Art Gallery and the Sugar Factory Playhouse house many art exhibits and shows.

Lawyers in West Jordan, Utah are known for their commitment to excellence and service. West Jordan lawyers usually file their claims at the West Jordan City Justice Court or at the Salt Lake County West Jordan District Court. Many of them are also members of the Salt Lake County Bar Association in addition to the Utah State Bar.

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