Understanding Utah foreclosure law is critical if you are late making payments on your mortgage or your home is about to be foreclosed. Two foreclosure processes are recognized in the state of Utah: a judicial and a non-judicial process. How closely the foreclosure guidelines are followed is a determination made by the lender and its attorney. The Deed of Trust, more commonly referred to as a mortgage, is the primary instrument used in the non-judicial foreclosure process in Utah.

The non-judicial Utah foreclosure process consists of four steps: Read the rest of this entry

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Many questions arise  when faced with a looming foreclosure and the possible loss of your house. An important one is. How will all this affect my ability to buy another house again in the future? “I keep hearing about short sales is that a better solution?”

Before considering  the short sale of your home, you need to ask, “how will my credit be impacted?”

“Will I always have a bad credit score?”

Foreclosure and Credit Score  are linked, homeowners have indeed hurt their credit by missing  payments. Unfortunately, the higher the credit score you start with, the bigger hit your score will take. This has nothing to do with your creditworthiness, but with how the credit scoring system works. And honestly, foreclosure is definitely going to have a negative impact on your credit score, even doing a short sale will.  Read the rest of this entry

You can fix your credit!

Whether you have suffered a foreclosure or were able to short sale your house, your credit standing has been damaged. I know, some of the following suggestions are obvious. Some of these may be difficult to carry out if your problem is not enough money at the end of the month. Hopefully, you still have some of the money you saved from when you weren’t making mortgage payments, because the sooner  you begin applying this advice…well you know the rest.

Implement these as soon as you are able:

Pay bills in a timely manner: The easiest way to avoid blemishing your credit report with late payments is to know when your bills are due and pay them on time. Put them in a special place when they arrive. Even if your creditor offers a grace period (and many don’t), make an effort to pay your bills before the due date. Keeping accurate records of these dates ensures that you’ll never make a late payment. Read the rest of this entry

It's never too late

The idea of living frugally is one not easily embraced in our society. Everywhere we turn we are accosted with the latest and greatest thing we must have. It would appear this great recession we are finding ourselves in may be a direct result of our never-ending quest to accumulate beyond our needs.

If you are facing a Utah foreclosure, is it too late to start thinking about a more frugal lifestyle? I don’t believe it’s ever too late.

We all need to learn to become more pragmatic in our approach to the way we use our money. Being frugal is something we sometimes associate with the very poor. Read the rest of this entry

Watch the video or read the transcript below

I bet you had no idea how many friends you had. I mean, recently your mailbox has been overflowing with letters and postcards from people telling you how they want to help you. Who are these people anyway? And how exactly are they going to help you? Makes you wonder right? To be sure, there are a number of different options for stopping home foreclosures in Utah, options that you should be aware of, you do need to do your research. Read the rest of this entry