Salt Lake City Lawyer Tells Home Foreclosure Basics: Salt Lake Foreclosures Down From Last Quarter
The number of foreclosures in Salt Lake City went down from last quarter and last year. There was a 41 percent drop in foreclosures from the previous quarter and a 53 percent drop in foreclosures from last year. Even with the drop, there are still a lot of foreclosures. If you are facing a foreclosure, a Salt Lake City lawyer can help you.
If you have received a foreclosure notice for your home, what is the next step? Gregory B. Lyle, a real estate attorney Utah can count on tells the basics of home foreclosures.
To avoid foreclosure, the first thing you should do is make paying your mortgage a top priority every month. If you cannot make a payment, you should contact the mortgage company before you miss the payment to make payment arrangements. When you call, have a realistic plan for how to pay the money you owe.
If your mortgage goes into default, the lender can declare the entire balance of the loan due immediately. When you take out a loan, it is secured by the home you purchase. If you fall behind on your house payments, the lender usually tries to force a sale of the home to collect the money to pay off the loan. If the home does not sell for enough, the lender can get a deficiency judgment against you.