#flat fee eviction lawyer

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Residential Lease Drafting | 561.699.0399

Residential Lease Drafting Residential Lease Drafting Residential lease drafting is an essential process that landlords and tenants should engage in to establish the terms of a rental agreement. The process of drafting a residential lease agreement involves creating a legally binding contract that sets out the rights and obligations of both the landlord and the tenant. A well-drafted residential…

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How Do You Find the Best Tenant Eviction Lawyer Nearby?

Being a landlord comes with its challenges, and one of the most difficult is dealing with tenants who refuse to abide by their lease agreement. If you are facing similar situation and eviction is unavoidable, finding an eviction lawyer nearby is inevitable. 

However, finding the best eviction lawyer isn’t as simple as scrolling through a directory or doing a quick Google search. The wrong choice could result in lost time, wasted money, and unnecessary legal complications. 

This blog will guide you through the process of finding the best tenant eviction lawyer for your specific needs, ensuring that your rights are protected throughout the eviction process.

Why Do You Need a Tenant Eviction Lawyer Nearby?

Here are a few reasons why hiring a specialist is a wise investment:

Legal Expertise

Tenant eviction laws can be both complex and confusing for every layman. The eviction law can vary from state to state. A qualified eviction lawyer has the knowledge and experience to navigate these legal complexities. This will ensure that you comply with all relevant laws and regulations. 

2. Protection of Rights

A skilled local eviction lawyer will clearly explain your rights as a landlord and help you protect them throughout the eviction process. Having an experienced professional by your side not only streamlines the eviction but also prevents tenants from exploiting any legal loopholes.

3. Avoiding Costly Mistakes: 

Evicting a tenant without following the proper legal procedures can lead to costly mistakes, including fines and delays. An eviction lawyer nearby will ensure that everything is done according to the book, reducing the risk of legal complications and unnecessarily long delays.

Finding the Right Tenant Eviction Lawyer Close to You

Now that you understand the importance of hiring an eviction lawyer, let’s dive into the steps you should take to find the best one for your needs.

Do Your Research

The first step is to do your research. Ask your family, friends, or fellow land lords if anyone has faced similar issues and hired a local eviction lawyer in the past. 

Personal recommendations are often the most reliable. Additionally, you can search online for reputable law firms that offer tailored solutions to various tenancy issues. 

2. Check Qualifications and Experience

Once you’ve got a list of potential lawyers, it’s essential to dig deeper into their qualifications and experience. Look for lawyers who have a background in landlord-tenant law and have handled cases similar to yours. Make appointments for initial consultations.

3. Check References and Reviews

Before you proceed with a consultation, it is important to check their reputation in the market. You can get help from reliable third-party sites for online reviews and client testimonials. 

Shortlist services that have consistent positive reviews of their services. If possible, ask the lawyer to connect you with some of their past clients so you can hear about their experiences firsthand. A lawyer’s reputation among clients is one of the best measures of their competence.

4. Schedule Consultations

Before making a final decision, it’s wise to schedule consultations with a few different lawyers. This gives you an opportunity to discuss your case, ask questions, and get a feel for how the lawyer operates. 

Many law firms provide a free consultation service before appointing. Harness this advantage and ask the right question to make sure that they have understood your issue. 

Do not forget to ask about their billing structure. Some lawyers charge hourly rates, while others might offer flat fees for eviction cases. Understanding the costs upfront will help you avoid any surprises later on.

Final Thoughts

Hiring the best eviction lawyer near you is the easiest way to reestablish your property rights as a landlord. These professionals are well aware of state law and have the expertise to resolve any tenancy issue within the law of the state. 

Follow the above guideline and choose the best lawyer to protect your rights and secure the future of your rental business

Looking for an eviction attorney nearby? Look no further than BPCS Law Eviction. Their skilled professionals will not only make the process easy and quick but also assist your lawyer every step of the way. Contact them today for comprehensive and expert eviction solutions.

[alleycatallies]

Cats and the Law: A Guide to Getting Legal Help

Alley Cat Allies is an advocacy organization. We do not give legal advice and we do not represent individuals in legal proceedings. The following information is provided solely for educational purposes and is not legal advice.

There are several scenarios where you might find yourself in need of a lawyer to assist with an animal law matter. These situations could involve receiving a citation or being charged with a crime, civil matters such as eviction related to custody/possession of an animal or disputed ownership and/or rights to an animal, or even animal cruelty matters.

If you are involved in a situation that may require hiring a lawyer to protect yourself and the cats for whom you care, the following information will help streamline the process. Note, the sooner you seek help and legal assistance, the better no matter what the situation is.

A note for cat caregivers:

Cat caregivers should take time to learn their local government structure and any ordinances related to animals. We’ll help you find that information at alleycat.org/CatsAndTheLaw. An attorney can might also help you understand local laws and how they apply to your situation.

Do You Need a Lawyer?

If you find yourself involved in a legal dispute (whether receiving a citation or a civil dispute), your first question may be, “Do I need a lawyer?” Hiring a lawyer to get advice on a situation doesn’t necessarily mean you will hire that person to represent you in court. You may merely want an initial consultation to discuss the matter, the law, or any potential consequences, and then decide whether you want further representation. You will almost certainly benefit from consulting a lawyer to get an opinion on the legal merits of your situation. A lawyer can give you peace of mind and bring an objective perspective to the matter.

Keep in mind that you can limit the time, and therefore the legal fees, that the lawyer spends developing his or her opinion on your case with preparation before the meeting and clear communication of what representation you desire. Some lawyers offer discounted, flat fees, or sometimes even a free initial consultation, so be sure to ask about billing options. If not, paying a lawyer for a few hours of his or her time can be a worthwhile investment.

To Self-represent or Not

Your next decision is whether to represent yourself in court or hire a lawyer. Each situation is unique and only you can decide. However, there are significant benefits to having legal counsel, including familiarity with the process, the court, and the required skills to present the necessary evidence to support your case.

How to Find the Right Kind of Lawyer Animal Law Attorney or Not

If you have decided to hire a lawyer, it is time to find the right one for your circumstances. No matter how unique your situation may seem, there is always legal help available. One of the most important things is to act as soon as possible to hire an attorney.

Do not wait until the day before a potential court date because it may take time to get an initial appointment.

Where Do You Start?

Start by making a list of two or three lawyers you want to talk to about your case. Use the following resources to identify potential candidates:

Recommendations. Consult with family, friends, or coworkers. They may be able to recommend a lawyer they know of or have worked with in the past. This is often your best betgood lawyers don’t always advertise because word of mouth is so important.

Bar Associations. Contact your local bar association. You can find a list at www.hg.org/northam-bar.html. You can also do a quick internet search by entering your state, county, or city followed by “bar association.” As a public service, many bar associations offer free lawyer referral services to the public. Many lawyers who participate in these services offer a reduced rate for a consultation. Fees after the initial consultation will depend on the rate you negotiate. Lawyers occasionally waive their fees and offer their services pro bono (for free), but that is rare. If you move forward after the initial consultation, you should be prepared to negotiate fees. Learn more in the “How Much Does a Lawyer Cost?” section below.

Internet. On the American Bar Association’s website, you can get a referral or access commercial lawyer directories, which are searchable by state. Some commercial services (such as www.lawyers.com or www.attorneylocate.com) do not charge a fee to access and search their directories. Their other services, however, may not be free.

Library. The Martindale-Hubbell Law Directory is one commercial service. Almost all public libraries carry this multi-volume directory.

What Kind of Lawyer Do You Need?

Focus on finding a local lawyer. Laws concerning animals differ from county to county and city to city, and court procedures differ in each jurisdiction. You can expect a local lawyer to know your applicable laws best. Plus, the more familiar your lawyer is with your local laws, court system, and even the tendencies of the individual judges and government attorneys in your area, the more effective he or she will be in representing you.

When you read online or print lawyer directories, you will see that lawyers tend to specialize. There are lawyers and law firms that focus on animal law including animal rights, protection, and welfare. However, a lawyer who specializes in animal law is not required. While an animal lawyer can be helpful, don’t limit yourself if you are unable to find one. Finding a lawyer who will listen to you, understands the situation, and wants to help is of the utmost importance.

Here are some suggestions when trying to find an attorney who meets the needs of your particular case:

Citation

The lawyers who may best assist you if you have received a citation or have been charged with a crime are those who describe themselves as “defense lawyers.” In particular, look for those who list themselves as “criminal defense” lawyers handling cases like “misdemeanors,” “traffic,” or “DUI.” You are, after all, the defendant in your case even if you have not been charged with a crime.

Civil Dispute

If your issue involves one of threatened eviction, you may want to look for an attorney who handles landlord-tenant issues. If you are involved in a threatened lawsuit regarding ownership or rights to an animal, you likely want a civil litigator. “General practice” lawyers are another option, especially those who regularly appear in court.

Animal Cruelty

Animal cruelty charges are investigated by local authorities and taken forward in court by prosecuting attorneys. Lack of proof or resources may be a hurdle to successful charges and prosecution. If you believe animal cruelty has occurred and there is a lack of action, you may wish to consult with an attorney on the matter.

Finally, while not always necessary, there are lawyers who specialize in animal law. Some lists can be accessed online, including at www.lawyers.com/Animal-Law/browse-by-location. Some nonprofit organizations concentrate on animal law, like the Animal Law Coalition (www.animallawcoalition.com), the Animal Legal Defense Fund (www.aldf.org), and Lawyers in Defense of Animals (www.njlida.org/index.asp). They may not all provide legal services representation but have resources and information available that can help.

How to Hire a Lawyer

Once you have the names of several lawyers who may be able to help you, it’s time to make an appointment to talk with each one. Plan ahead and make sure you have all relevant information ready beforehand.

Prepare for the Meeting

The first meeting should be as productive as possible. Here are three steps to help you prepare:

STEP 1

Gather information to bring with you to the meeting. The specific information will vary depending on your situation, but may include:

Any citation or other document regarding the dispute impending dispute. A citation will list your charges. If this is a civil matter, you may have a letter threatening legal action that explains the allegations against you.

Any photographs you have of the kittens or cats and/or the area they live in.

Veterinary and/or colony tracking records, including vaccination certificates for the cats.

Find the specific laws and ordinances applicable to your situation, if known. It’s the best way to save time in the first meeting with your potential attorney. Although the lawyer will have access to the laws, you can be a step ahead by reading the ordinances carefully and bringing a copy to your meeting. To learn more about finding your local laws, go to www.alleycat.org/FindCatLaws.

STEP 2

Be prepared to communicate the most relevant details of your situation. The first question the lawyer will likely ask you is: “What happened?” Keep in mind that too many details can be as confusing to lawyers as they are to the rest of us. What the lawyer needs initially is a simple chronological explanation of events that includes all of the facts. To prepare a concise and helpful explanation, if the dispute involves caring for a community of cats, consider the answers to these questions:

Whose property are the cats on?

If not your property, did you have written or oral permission to be there?

How many cats were there when you began caring for community cats?

How many cats have you trapped?

How many cats have you had spayed or neutered and vaccinated?

How many cats and kittens have you found homes for?

How many cats are there now?

What is the local animal control department’s approach to outdoor cats?

How often do you feed the cats?

Do you follow best practices such as those at www.alleycat.org/BestPractices?

Know how to summarize the situation from your point of view. Focus on events. Few situations can be seen only one way. For instance, a citation reflects the government’s view: you caused the problem. But is that how you see it? You may see yourself as an asset to your community, improving and protecting the lives of cats, and helping cats be better neighbors to the people who live near them. If so, make sure you explain this to the lawyer.

STEP 3

Rehearse what you plan to tell the lawyer. Take notes of important points you want to make and questions you want to ask.

At the Meeting

Begin by introducing yourself and thanking the lawyer for meeting with you. Make a point to mention that you have prepared for this meeting, so it is as productive and efficient as possible.

The information you gathered in the steps above will help you provide an overview of your situation and answer the question to the best of your ability. If it helps, you can bring in written notes and read from them. Having a pad of paper and a pen, or any other note-taking device, is useful, too. Your lawyer will probably have information you’ll want to write down and remember.

You can also ask the lawyer questions of your own. Some basic questions to cover are:

Have you handled cases like mine before?

Do you regularly appear in the court that my case is assigned to?

How long do I have to decide if I want you to represent me on this matter?

What is the best-case scenario?

If I lose, is there a way to appeal? If so, what happens in the meantime?

What are the possible outcomes of my case? What are possible sentences or fines?

What is the worst-case scenario for me in terms of verdict?

What do you recommend I do and why?

How long do you estimate it will take to resolve this case?

What steps will be involved?

Approximately how much will it cost me to fight this?

When would you bill me? Do I have to pay you anything in advance?

(If applicable) What does the up-front retainer fee cover?

(If applicable) Could we work out a payment plan?

How do you prefer to communicate with your clients (phone, email, text, etc.)?

What is your average response time to a client communication (24 hours, 2 business days, within a week)?

After your discussion, thank the lawyer for his or her time. Tell the lawyer that you will be in touch after you have made a decision.

After Meeting Each Lawyer

To help you decide which lawyer to hire, ask yourself these questions:

Did I feel comfortable talking to this lawyer?

How much will the lawyer charge? (See next section, “How Much Does a Lawyer Cost?”)

Did the lawyer listen to me?

Did the lawyer explain things in a way that I understand?

Did the lawyer understand and accept that one of my objectives here is to keep the cat(s) alive?

Did the lawyer seem truly interested in my case and/or demonstrate any concern for the cat(s)?

Once you have chosen which lawyer to hire, get in touch. He or she will probably have you sign an agreement detailing the parameters of your representation.

How Much Does a Lawyer Cost?

Legal fees are usually a factor in choosing and hiring a lawyer. It is helpful to also ask yourself: “How much will it cost me if I don’t hire a lawyer?” Consider this question not only in terms of court costs and legal fees, but also in terms of consequences you or the cat(s) might face if you lose.

How Do Lawyers Charge Clients?

Lawyers typically bill clients either hourly or by the case.

Hourly Billing

A lawyer who bills hourly charges the client for the actual time spent on the case. This includes phone calls, emails, and research or preparation. Hourly rates vary widely across geographic areas, practice specialties, years of experience, etc. Your local bar association may have information about typical rates in your area.

Keep in mind that a lawyer who charges a higher hourly rate may be more experienced than a lawyer charging a lower rate. Typically, a more experienced lawyer will have to spend less time on your case than an inexperienced lawyer. As a result, the more experienced lawyer’s total fees may be less than the lawyer charging the lower hourly rate.

Case Billing

Case billing means that the lawyer charges a flat fee to handle certain cases. For example, a lawyer may charge $1,500 to handle a drunk driving case regardless of the hours spent on the case.

NOTE: No matter which method a lawyer uses to charge clients, the lawyer you hire may ask you to pay a retainer fee before he or she begins working on your case. The amount of the fee is subject to negotiation.

Are There Lawyers Who Will Represent You for Free?

Maybe, but don’t count on it. Although various types of lawyers do represent clients for free, you may not qualify for their services.

Pro Bono Lawyers

Lawyers in private practice sometimes take cases on a pro bono, or free of charge, basis. They are selective in the cases they take and may have financial guidelines that determine eligibility for service. To identify lawyers in your area who may be willing to take your case pro bono, contact your local bar association.

Public Defenders/Court-appointed Attorneys

Generally, to qualify for the services of a public defender or a court-appointed attorney, the court action must involve criminal charges. The individual must be unable to afford a lawyer, as determined by court income guidelines, and must face an actual risk of imprisonment.

What Now?

If you have received a citation or are involved in a legal dispute, discussing the matter and your legal options with an attorney can be extremely helpful to fully understand your rights. Knowledge is power, and even if you decide not to hire an attorney to represent you in your case, his or her input and guidance will be beneficial.

When hiring an attorney, it is important to find someone who genuinely listens to you and fits your communication style (email, text, or phone). Searching for an attorney can be overwhelming sometimes, so remember to begin early and give yourself adequate time. Using this guide will help you find an attorney and be prepared to get the most out of your meeting.

You can learn more about cats and the law at alleycat.org/CatsAndTheLaw.

Content source: https://www.alleycat.org/resources/citations-help-how-to-find-and-hire-a-lawyer-for-an-animal-related-issue/

[sandras-honour-blog]

Response to Mary - 96 eviction

Mary facing eviction— Our Version

Trying to explain our side in defense of this pledge by our aunts

Mary facing eviction

Dear All,

We are Mary’s grandchildren: Lucy González Barsh, Maria González Barsh and Fernando González Barsh. The truth about the matter; the truth is that not all the facts have been disclosed to you. Our mother Sandra Barsh has cared for her parents her whole life, always travelling back and forth from Madrid (her home) to the UK and helping them out financially. When our grandfather died in 2012 out mother did not think it right that a woman of 90 years of age, who had never lived alone before and was grieving, should have to do that. Our mother did not oblige Mary to move out of her home, she was not forced. Sandra cared for Mary for three years travelling back and forth very regularly, until she got sick and had to stay in Madrid for cancer treatment. Back in Madrid we looked after our mother, the doctor said she had 3 months to live, she fought that cancer for 18 months, she was superwoman.

During her illness she was constantly worried about Mary being alone, and started organising other living arrangements with her sisters for Mary. We have various legal documents written by our mother in which nothing is said about Mary living in her house forever. Our mother never told us or any of her closest friends that Mary was to stay in the house forever.

We have legal obligations to fulfill in Spain, our mother passed in July 2017 and we cannot resolve our inheritance. Our aunts tried to take control of our house and mistakes were made by our aunt when applying for Grant of probate for us in November 2017. This has had an effect on us legally in Spain. This is a pressing legal issue that could cause serious consequences for us if not resolved promptly. By selling our house we can pay our estranged sister her legal share of the inheritance and resolve our legal situation in Spain. Our father died in 1989 at the age of 39 tragically in a car accident, and our mother brought us up managing our family finances carefully in order to leave her children an inheritance. Our father worked very hard to provide for his family.

Mary sold her house in Orpington for circa 475K, in October of 2017 she gave her inheritance in life to her three remaining daughters, just 3 months after our mother passed, We have offered our grandmother options: to come and live with one of us, we also offered to invest in a flat in London with the proceeds so she can continue living in London just paying her living costs as she does now, or to help us resolve our inheritance problem in Spain.

We do not have money to support our grandmother in our house, we only wish we could, but the property is not being maintained and we still need to pay our legal fees in Spain and the Uk. Mary pays 300 pounds to cover her running costs. Our aunts both own two houses each, one of them is just 10 minutes away from the house we have inherited. In December 2017 Fernando spent Christmas in the Uk at one of our aunt’s houses; she showed Fernando a spare bedroom and told him how that room was for Mary. Later in October 2018 she told Lucy, “that boat has passed, my house is too modern and Mary cannot live with me”. Another aunt has possession of our mother’s money that was left in her account and refuses to give it back. Our lawyer sent Mary a notice for eviction in response to a letter from Mary’s lawyer claiming proprietary estoppel. Mary was told in July 2018 about the house having to be sold. We were told when our mother passed not to talk to Mary about the situation, we were told that they (our aunts) would talk to their mother. Since then Lucy has had many talks with Mary about the issues and the need for the property to be sold.

Our mother trusted that her sisters would take care of Mary like she did. Since our mother was diagnosed with cancer, we have been told by our aunts that they were looking for a place for our grandmother to go. We now realise that this was never their intention. Lucy, the youngest grandchild, currently has no home as she lived with our mother in Madrid. We love our family, we grew up surrounded by all of them, our mother made sure that we were close but we have been lied to, taken advantage of and manipulated, none of us could ever imagine that this was going to happen. Our mother’s generosity and kindness has been exploited, to say that our mother forced Mary to leave her house, when all our mother did is care for Mary is a horrible thing to say, especially now that our mother is no longer with us. We are deeply saddened by the behaviour of our relatives and their lack of understanding of the very real issues that we face if we are not allowed to sell the house. We are equally perplexed by the lack of willingness of our aunts to help our grandmother make other arrangements and resolve a situation which is stressful to us all. We trusted our aunts and feel bullied by all of them. We understand that Mary feels close to our mother in our house, we have tried to find solutions for our grandmother, but none are being accepted by her. We never asked for this situation. Mary just keeps on telling us that we have to wait to get our inheritance.

[melissawalker01]

Apartment Building Investor Attorney

A real estate attorney can be a valuable partner when buying or selling property. But is one always necessary? Definitely not. Though real estate lawyers can certainly help resolve disputes, navigate complications, or even just provide general guidance, they’re not right for every transaction.

What Does A Real Estate Attorney Do?

Real estate attorneys can assist in a number of capacities, both in the residential space and the commercial one. They help with drafting contracts and legal documents, deal with construction and development issues, and might even attend your closing appointment. One of the most common reasons you’d use a real estate attorney is to draw up a contract or legal document. Attorneys can help you draft: • Your sales contract/purchase agreement. • Leases. • Eviction notices. • Title documents. • Mortgage contracts and documents. • Title and deed transfer documents. If these items have already been drawn up, they can also help you better understand them, explaining your liabilities, obligations, and other terms of the contract.

In addition to document preparation, a real estate lawyer generally offers the following legal services: • Negotiations. • Reviews and due diligence. • Assistance with building and development projects. • General litigation. • Foreclosure proceedings. • Closings. • Title and lien searches. • Deed transfers. • Resolution of zoning issues. • Coordination with lenders, title agents, surveyors, and other parties in the transaction.

They can also assist with real estate litigation and disputes, including title or land disputes, enforcement of legal contracts, and more. Should You Use A Real Estate Lawyer When Buying A Property? Some states require that an attorney be involved in the sales process (or even at the closing table), while others leave it up to you and your lender.

The states where you’ll most likely need an attorney include: • Connecticut. • Delaware. • Georgia. • Massachusetts. • New York. • North Carolina. • South Carolina. But real state laws vary and are constantly in flux. Be sure to check your local laws or ask your real estate agent for additional guidance. If your state doesn’t outright require an attorney, that doesn’t mean one wouldn’t still be helpful. Here are a few scenarios when you might consider hiring legal help:

• You’re building or buying real estate for your business. • You’re having issues with your landlord or tenant. • You’re buying or selling a commercial property with existing tenants. • You need help understanding your sales contract or other agreement. • Your development project is up against land, title, or environmental issues. • You want help negotiating a better deal. • You need assistance with foreclosure proceedings. • You’re buying a property that has physical issues, is in a hazard-prone area, or has lead, asbestos, or environmental toxins. • You want to better understand the liabilities a real estate transaction or property might present. • You’re buying from another state or country and aren’t sure of the local laws. • You’re buying a bank-owned property or property with liens against it. There’s a chance your lender may require an attorney to ensure your property’s title is clean and clear. Ask your lender if this will be required or check your loan estimate to see if an attorney’s fee is quoted there.

Finding A Real Estate Attorney

If you’ve decided you want the help of a real estate attorney, ask your lender, title company, or real estate agent for a referral. You can also ask for recommendations from friends and loved ones. Before hiring a lawyer, schedule a consultation to see if it’s the right fit. Do they have experience with the type of transaction or issue you’re dealing with? How does their fee structure work, and when is payment required? You should also make sure to choose an attorney in the right part of the industry, as residential and commercial real estate transactions are very different. If your state doesn’t require a real estate attorney, there’s a good chance you can proceed without one. As long as you choose an experienced real estate agent, they should be able to guide you through most of your real estate transaction. If you come across any legal issues or disputes, though, a trained attorney is always your best defense.

Why an Out of State Investor Should Hire an Attorney

The purchase or sale of real estate, whether it is a single family house, a multi-family apartment building, vacant land or a commercial building, is an intricate process that begins with the signing of a contract and ends when the keys and the title to the property are transferred to the purchaser. Although Utah law does not require that a real estate attorney be involved to assist with the steps that occur between the time contracting and closing, hiring a local real estate attorney to assist you with the purchase or sale of real estate in Utah is almost always a wise decision and is money well-spent. Considering the fact that the other party to the transaction will almost always have a local real attorney representing them, I want to highlight a few of the reasons why you should always follow suit and hire a local real estate attorney in Utah when you are involved in a real estate transaction.

What Benefit Does Hiring An Attorney Provide • Someone Represents You Legally • Accurate Information Is Being Shared: Having a local real estate attorney in your corner, who understands the intricacies of the local real estate market and who is and has been consistently involved in local real estate investor/investment transactions, will increase the likelihood that when false/misleading/inaccurate information is provided, that this misinformation it is caught, called out and corrected in advance of closing. In addition, having a local real estate attorney involved on your side will increase the likelihood that all of the pertinent, material and available information is provided to you so that you can perform a complete due diligence review. The important information you need as a real estate investor includes, but may not be limited to, the following:  Correct tenant lease and application information  Update on subsidized housing inspections and status  Verification of any local administrative or building codes  Correction of any inspection issues  All contract matters are being documented by your attorney in case they need to be referenced post-closing

• Real estate attorneys decrease the likelihood of post-closing litigation: Local real estate attorneys typically charge small (and reasonable) flat fees, to represent you from the time you go under contract until the time of closing. Litigation attorneys tend to be much more expensive, charging several hundred dollars per hour and requesting a several thousand dollar up front retainer fee to begin working on the matter. Hiring a local real estate attorney will significantly reduce the likelihood of post-closing disputes. Disputes can arise from ambiguities or mistakes in the purchase and sale contract, issues with the condition or state of “title” or problems with the condition of the property after legal ownership has passed to the purchaser. A local real estate attorney will review the contract to make sure that the paragraphs and the terms therein are clear, understandable, customary and otherwise problem free, that any issues with title to the property are discovered and addressed prior to closing, that any agreements regarding repairs to the property are properly memorialized in writing, and that all legally required pre-closing disclosures are properly made. Expensive post-closing litigation is far less likely if both sides hire local real estate attorneys from the time that the contract is signed until the time the closing occurs. Since post-closing litigation is expensive, time consuming and unpredictable (in terms of the likelihood that a favorable result can be obtained) many times the purchaser just ends up having to accept/assume the fact that mistakes were made and the resulting unforeseen financial responsibility and move on.

• Real estate attorneys will save you incredible amounts of time: In a real estate transaction, both the seller and the purchaser have several obligations that must be met before closing. In addition to disclosures, communications must be made initially and continuously. Ongoing communication between the parties is the recipe for a “smooth closing” and is required to satisfy local municipal requirements or to satisfy the multitude of requests made by the lenders, homeowners’ associations, title companies and the county tax assessor who are associated with the property and the transaction as a whole. This is a time-intensive process for even experienced local real estate attorneys who deal with these steps on a regular, if not daily, basis. Even if you can complete these tasks flawlessly and timely without the assistance of an attorney, it will be extremely time consuming for you. More likely, without the assistance of a local real estate attorney, mistakes that are ordinarily preventable will occur and those mistakes often cause the closing to be postponed for several months or the deal to fall through entirely.

• Real estate attorneys make sure that title passes cleanly from the seller to the buyer: One of the key roles that local real estate attorneys play in a real estate transaction is they act as a title agent. The title agent works with the title company to ensure that the seller actually has the right to pass full legal ownership (“title”) of the property to the purchaser. If there are any impediments to this right, a title agent will identify them and work with the parties and the title company to resolve these issues before the transaction is set for closing. In addition to the contract, disclosures, and the due diligence materials provided by the Seller, the purchaser’s attorney typically reviews the plat of survey depicting the property and the deed that is given to the purchaser at closing to ensure that the purchaser actually receives full legal ownership to property that the purchaser has contracted to purchase. This is highly technical work on both sides, and it is extremely important in order to protect the interests of both parties. Keep in mind, because attorneys only represent one party in a real estate transaction, you cannot assume that everything is as it should be/good/OK simply because another party to a real estate transaction has hired a local real estate attorney to assist them.

What Real Estate Law Covers

Real estate law encompasses the purchase and sale of real property, meaning land and any structure on it. It also covers legal issues related to anything that is attached to the property or structures, such as appliances and fixtures. Lawyers who specialize in this branch of the legal system ensure that proper procedures are followed during the acquisition or sale of property. They also may be concerned with the use of property. Real estate law covers deeds, property taxes, estate planning, zoning, and titles. All of these laws vary by state and by local government. Attorneys must be licensed to practice in the state where the transaction is taking place and must be up to date on any local or state changes that could affect a transaction.

Real Estate Attorney’s Responsibilities

A real estate attorney is equipped to prepare and review documents relating to real estate such as purchase agreements, mortgage documents, title documents, and transfer documents. A real estate attorney hired to handle a transaction will always attend the closing with the buyer. This is when the money is paid and the title is transferred. The attorney is there to ensure that the transfer is legal, binding, and in the best interests of the client. During the purchase of a property, the real estate attorney and staff might prepare documents, write title insurance policies, complete title searches on the property, and handle the transfer of funds for the purchase. If the purchase is being financed, the attorney is responsible for paperwork such as the federal HUD-1 Form and related transfer of funds documentation for the buyer’s lender. In the case of a real estate dispute, such as chain of title, lot line problems, or other issues involving contracts, the attorney will resolve the problem. A real estate attorney may also provide legal representation for either a buyer or a seller when a dispute winds up in a courtroom. The real estate attorney obtains facts from both sides of the dispute and tries to bring them to a resolution. This may mean hiring a surveyor or title company to work through some of the details.

Like any lawyer, a real estate lawyer has earned a law degree, which typically takes three years of study for a full-time student, and has passed the state bar exam administered by the state in which he or she practices. Training for a specialization like real estate law may begin with elective courses and internships during law school and may continue afterward for certification in real estate law.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is An Investment Memorandum?

Alimony For Cheaters In Divorce

Trademark Rights

IRS Tax Bills

Forbearance Agreement Lawyer

Probate A Will Without A Lawyer

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Apartment Building Investor Attorney first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/apartment-building-investor-attorney/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/633186213298405376

[coming-from-hell]

Apartment Building Investor Attorney

A real estate attorney can be a valuable partner when buying or selling property. But is one always necessary? Definitely not. Though real estate lawyers can certainly help resolve disputes, navigate complications, or even just provide general guidance, they’re not right for every transaction.

What Does A Real Estate Attorney Do?

Real estate attorneys can assist in a number of capacities, both in the residential space and the commercial one. They help with drafting contracts and legal documents, deal with construction and development issues, and might even attend your closing appointment. One of the most common reasons you’d use a real estate attorney is to draw up a contract or legal document. Attorneys can help you draft: • Your sales contract/purchase agreement. • Leases. • Eviction notices. • Title documents. • Mortgage contracts and documents. • Title and deed transfer documents. If these items have already been drawn up, they can also help you better understand them, explaining your liabilities, obligations, and other terms of the contract.

In addition to document preparation, a real estate lawyer generally offers the following legal services: • Negotiations. • Reviews and due diligence. • Assistance with building and development projects. • General litigation. • Foreclosure proceedings. • Closings. • Title and lien searches. • Deed transfers. • Resolution of zoning issues. • Coordination with lenders, title agents, surveyors, and other parties in the transaction.

They can also assist with real estate litigation and disputes, including title or land disputes, enforcement of legal contracts, and more. Should You Use A Real Estate Lawyer When Buying A Property? Some states require that an attorney be involved in the sales process (or even at the closing table), while others leave it up to you and your lender.

The states where you’ll most likely need an attorney include: • Connecticut. • Delaware. • Georgia. • Massachusetts. • New York. • North Carolina. • South Carolina. But real state laws vary and are constantly in flux. Be sure to check your local laws or ask your real estate agent for additional guidance. If your state doesn’t outright require an attorney, that doesn’t mean one wouldn’t still be helpful. Here are a few scenarios when you might consider hiring legal help:

• You’re building or buying real estate for your business. • You’re having issues with your landlord or tenant. • You’re buying or selling a commercial property with existing tenants. • You need help understanding your sales contract or other agreement. • Your development project is up against land, title, or environmental issues. • You want help negotiating a better deal. • You need assistance with foreclosure proceedings. • You’re buying a property that has physical issues, is in a hazard-prone area, or has lead, asbestos, or environmental toxins. • You want to better understand the liabilities a real estate transaction or property might present. • You’re buying from another state or country and aren’t sure of the local laws. • You’re buying a bank-owned property or property with liens against it. There’s a chance your lender may require an attorney to ensure your property’s title is clean and clear. Ask your lender if this will be required or check your loan estimate to see if an attorney’s fee is quoted there.

Finding A Real Estate Attorney

If you’ve decided you want the help of a real estate attorney, ask your lender, title company, or real estate agent for a referral. You can also ask for recommendations from friends and loved ones. Before hiring a lawyer, schedule a consultation to see if it’s the right fit. Do they have experience with the type of transaction or issue you’re dealing with? How does their fee structure work, and when is payment required? You should also make sure to choose an attorney in the right part of the industry, as residential and commercial real estate transactions are very different. If your state doesn’t require a real estate attorney, there’s a good chance you can proceed without one. As long as you choose an experienced real estate agent, they should be able to guide you through most of your real estate transaction. If you come across any legal issues or disputes, though, a trained attorney is always your best defense.

Why an Out of State Investor Should Hire an Attorney

The purchase or sale of real estate, whether it is a single family house, a multi-family apartment building, vacant land or a commercial building, is an intricate process that begins with the signing of a contract and ends when the keys and the title to the property are transferred to the purchaser. Although Utah law does not require that a real estate attorney be involved to assist with the steps that occur between the time contracting and closing, hiring a local real estate attorney to assist you with the purchase or sale of real estate in Utah is almost always a wise decision and is money well-spent. Considering the fact that the other party to the transaction will almost always have a local real attorney representing them, I want to highlight a few of the reasons why you should always follow suit and hire a local real estate attorney in Utah when you are involved in a real estate transaction.

What Benefit Does Hiring An Attorney Provide • Someone Represents You Legally • Accurate Information Is Being Shared: Having a local real estate attorney in your corner, who understands the intricacies of the local real estate market and who is and has been consistently involved in local real estate investor/investment transactions, will increase the likelihood that when false/misleading/inaccurate information is provided, that this misinformation it is caught, called out and corrected in advance of closing. In addition, having a local real estate attorney involved on your side will increase the likelihood that all of the pertinent, material and available information is provided to you so that you can perform a complete due diligence review. The important information you need as a real estate investor includes, but may not be limited to, the following:  Correct tenant lease and application information  Update on subsidized housing inspections and status  Verification of any local administrative or building codes  Correction of any inspection issues  All contract matters are being documented by your attorney in case they need to be referenced post-closing

• Real estate attorneys decrease the likelihood of post-closing litigation: Local real estate attorneys typically charge small (and reasonable) flat fees, to represent you from the time you go under contract until the time of closing. Litigation attorneys tend to be much more expensive, charging several hundred dollars per hour and requesting a several thousand dollar up front retainer fee to begin working on the matter. Hiring a local real estate attorney will significantly reduce the likelihood of post-closing disputes. Disputes can arise from ambiguities or mistakes in the purchase and sale contract, issues with the condition or state of “title” or problems with the condition of the property after legal ownership has passed to the purchaser. A local real estate attorney will review the contract to make sure that the paragraphs and the terms therein are clear, understandable, customary and otherwise problem free, that any issues with title to the property are discovered and addressed prior to closing, that any agreements regarding repairs to the property are properly memorialized in writing, and that all legally required pre-closing disclosures are properly made. Expensive post-closing litigation is far less likely if both sides hire local real estate attorneys from the time that the contract is signed until the time the closing occurs. Since post-closing litigation is expensive, time consuming and unpredictable (in terms of the likelihood that a favorable result can be obtained) many times the purchaser just ends up having to accept/assume the fact that mistakes were made and the resulting unforeseen financial responsibility and move on.

• Real estate attorneys will save you incredible amounts of time: In a real estate transaction, both the seller and the purchaser have several obligations that must be met before closing. In addition to disclosures, communications must be made initially and continuously. Ongoing communication between the parties is the recipe for a “smooth closing” and is required to satisfy local municipal requirements or to satisfy the multitude of requests made by the lenders, homeowners’ associations, title companies and the county tax assessor who are associated with the property and the transaction as a whole. This is a time-intensive process for even experienced local real estate attorneys who deal with these steps on a regular, if not daily, basis. Even if you can complete these tasks flawlessly and timely without the assistance of an attorney, it will be extremely time consuming for you. More likely, without the assistance of a local real estate attorney, mistakes that are ordinarily preventable will occur and those mistakes often cause the closing to be postponed for several months or the deal to fall through entirely.

• Real estate attorneys make sure that title passes cleanly from the seller to the buyer: One of the key roles that local real estate attorneys play in a real estate transaction is they act as a title agent. The title agent works with the title company to ensure that the seller actually has the right to pass full legal ownership (“title”) of the property to the purchaser. If there are any impediments to this right, a title agent will identify them and work with the parties and the title company to resolve these issues before the transaction is set for closing. In addition to the contract, disclosures, and the due diligence materials provided by the Seller, the purchaser’s attorney typically reviews the plat of survey depicting the property and the deed that is given to the purchaser at closing to ensure that the purchaser actually receives full legal ownership to property that the purchaser has contracted to purchase. This is highly technical work on both sides, and it is extremely important in order to protect the interests of both parties. Keep in mind, because attorneys only represent one party in a real estate transaction, you cannot assume that everything is as it should be/good/OK simply because another party to a real estate transaction has hired a local real estate attorney to assist them.

What Real Estate Law Covers

Real estate law encompasses the purchase and sale of real property, meaning land and any structure on it. It also covers legal issues related to anything that is attached to the property or structures, such as appliances and fixtures. Lawyers who specialize in this branch of the legal system ensure that proper procedures are followed during the acquisition or sale of property. They also may be concerned with the use of property. Real estate law covers deeds, property taxes, estate planning, zoning, and titles. All of these laws vary by state and by local government. Attorneys must be licensed to practice in the state where the transaction is taking place and must be up to date on any local or state changes that could affect a transaction.

Real Estate Attorney’s Responsibilities

A real estate attorney is equipped to prepare and review documents relating to real estate such as purchase agreements, mortgage documents, title documents, and transfer documents. A real estate attorney hired to handle a transaction will always attend the closing with the buyer. This is when the money is paid and the title is transferred. The attorney is there to ensure that the transfer is legal, binding, and in the best interests of the client. During the purchase of a property, the real estate attorney and staff might prepare documents, write title insurance policies, complete title searches on the property, and handle the transfer of funds for the purchase. If the purchase is being financed, the attorney is responsible for paperwork such as the federal HUD-1 Form and related transfer of funds documentation for the buyer’s lender. In the case of a real estate dispute, such as chain of title, lot line problems, or other issues involving contracts, the attorney will resolve the problem. A real estate attorney may also provide legal representation for either a buyer or a seller when a dispute winds up in a courtroom. The real estate attorney obtains facts from both sides of the dispute and tries to bring them to a resolution. This may mean hiring a surveyor or title company to work through some of the details.

Like any lawyer, a real estate lawyer has earned a law degree, which typically takes three years of study for a full-time student, and has passed the state bar exam administered by the state in which he or she practices. Training for a specialization like real estate law may begin with elective courses and internships during law school and may continue afterward for certification in real estate law.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is An Investment Memorandum?

Alimony For Cheaters In Divorce

Trademark Rights

IRS Tax Bills

Forbearance Agreement Lawyer

Probate A Will Without A Lawyer

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Apartment Building Investor Attorney first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/apartment-building-investor-attorney/

[divorcelawyergunnisonutah]

Apartment Building Investor Attorney

A real estate attorney can be a valuable partner when buying or selling property. But is one always necessary? Definitely not. Though real estate lawyers can certainly help resolve disputes, navigate complications, or even just provide general guidance, they’re not right for every transaction.

What Does A Real Estate Attorney Do?

Real estate attorneys can assist in a number of capacities, both in the residential space and the commercial one. They help with drafting contracts and legal documents, deal with construction and development issues, and might even attend your closing appointment. One of the most common reasons you’d use a real estate attorney is to draw up a contract or legal document. Attorneys can help you draft: • Your sales contract/purchase agreement. • Leases. • Eviction notices. • Title documents. • Mortgage contracts and documents. • Title and deed transfer documents. If these items have already been drawn up, they can also help you better understand them, explaining your liabilities, obligations, and other terms of the contract.

In addition to document preparation, a real estate lawyer generally offers the following legal services: • Negotiations. • Reviews and due diligence. • Assistance with building and development projects. • General litigation. • Foreclosure proceedings. • Closings. • Title and lien searches. • Deed transfers. • Resolution of zoning issues. • Coordination with lenders, title agents, surveyors, and other parties in the transaction.

They can also assist with real estate litigation and disputes, including title or land disputes, enforcement of legal contracts, and more. Should You Use A Real Estate Lawyer When Buying A Property? Some states require that an attorney be involved in the sales process (or even at the closing table), while others leave it up to you and your lender.

The states where you’ll most likely need an attorney include: • Connecticut. • Delaware. • Georgia. • Massachusetts. • New York. • North Carolina. • South Carolina. But real state laws vary and are constantly in flux. Be sure to check your local laws or ask your real estate agent for additional guidance. If your state doesn’t outright require an attorney, that doesn’t mean one wouldn’t still be helpful. Here are a few scenarios when you might consider hiring legal help:

• You’re building or buying real estate for your business. • You’re having issues with your landlord or tenant. • You’re buying or selling a commercial property with existing tenants. • You need help understanding your sales contract or other agreement. • Your development project is up against land, title, or environmental issues. • You want help negotiating a better deal. • You need assistance with foreclosure proceedings. • You’re buying a property that has physical issues, is in a hazard-prone area, or has lead, asbestos, or environmental toxins. • You want to better understand the liabilities a real estate transaction or property might present. • You’re buying from another state or country and aren’t sure of the local laws. • You’re buying a bank-owned property or property with liens against it. There’s a chance your lender may require an attorney to ensure your property’s title is clean and clear. Ask your lender if this will be required or check your loan estimate to see if an attorney’s fee is quoted there.

Finding A Real Estate Attorney

If you’ve decided you want the help of a real estate attorney, ask your lender, title company, or real estate agent for a referral. You can also ask for recommendations from friends and loved ones. Before hiring a lawyer, schedule a consultation to see if it’s the right fit. Do they have experience with the type of transaction or issue you’re dealing with? How does their fee structure work, and when is payment required? You should also make sure to choose an attorney in the right part of the industry, as residential and commercial real estate transactions are very different. If your state doesn’t require a real estate attorney, there’s a good chance you can proceed without one. As long as you choose an experienced real estate agent, they should be able to guide you through most of your real estate transaction. If you come across any legal issues or disputes, though, a trained attorney is always your best defense.

Why an Out of State Investor Should Hire an Attorney

The purchase or sale of real estate, whether it is a single family house, a multi-family apartment building, vacant land or a commercial building, is an intricate process that begins with the signing of a contract and ends when the keys and the title to the property are transferred to the purchaser. Although Utah law does not require that a real estate attorney be involved to assist with the steps that occur between the time contracting and closing, hiring a local real estate attorney to assist you with the purchase or sale of real estate in Utah is almost always a wise decision and is money well-spent. Considering the fact that the other party to the transaction will almost always have a local real attorney representing them, I want to highlight a few of the reasons why you should always follow suit and hire a local real estate attorney in Utah when you are involved in a real estate transaction.

What Benefit Does Hiring An Attorney Provide • Someone Represents You Legally • Accurate Information Is Being Shared: Having a local real estate attorney in your corner, who understands the intricacies of the local real estate market and who is and has been consistently involved in local real estate investor/investment transactions, will increase the likelihood that when false/misleading/inaccurate information is provided, that this misinformation it is caught, called out and corrected in advance of closing. In addition, having a local real estate attorney involved on your side will increase the likelihood that all of the pertinent, material and available information is provided to you so that you can perform a complete due diligence review. The important information you need as a real estate investor includes, but may not be limited to, the following:  Correct tenant lease and application information  Update on subsidized housing inspections and status  Verification of any local administrative or building codes  Correction of any inspection issues  All contract matters are being documented by your attorney in case they need to be referenced post-closing

• Real estate attorneys decrease the likelihood of post-closing litigation: Local real estate attorneys typically charge small (and reasonable) flat fees, to represent you from the time you go under contract until the time of closing. Litigation attorneys tend to be much more expensive, charging several hundred dollars per hour and requesting a several thousand dollar up front retainer fee to begin working on the matter. Hiring a local real estate attorney will significantly reduce the likelihood of post-closing disputes. Disputes can arise from ambiguities or mistakes in the purchase and sale contract, issues with the condition or state of “title” or problems with the condition of the property after legal ownership has passed to the purchaser. A local real estate attorney will review the contract to make sure that the paragraphs and the terms therein are clear, understandable, customary and otherwise problem free, that any issues with title to the property are discovered and addressed prior to closing, that any agreements regarding repairs to the property are properly memorialized in writing, and that all legally required pre-closing disclosures are properly made. Expensive post-closing litigation is far less likely if both sides hire local real estate attorneys from the time that the contract is signed until the time the closing occurs. Since post-closing litigation is expensive, time consuming and unpredictable (in terms of the likelihood that a favorable result can be obtained) many times the purchaser just ends up having to accept/assume the fact that mistakes were made and the resulting unforeseen financial responsibility and move on.

• Real estate attorneys will save you incredible amounts of time: In a real estate transaction, both the seller and the purchaser have several obligations that must be met before closing. In addition to disclosures, communications must be made initially and continuously. Ongoing communication between the parties is the recipe for a “smooth closing” and is required to satisfy local municipal requirements or to satisfy the multitude of requests made by the lenders, homeowners’ associations, title companies and the county tax assessor who are associated with the property and the transaction as a whole. This is a time-intensive process for even experienced local real estate attorneys who deal with these steps on a regular, if not daily, basis. Even if you can complete these tasks flawlessly and timely without the assistance of an attorney, it will be extremely time consuming for you. More likely, without the assistance of a local real estate attorney, mistakes that are ordinarily preventable will occur and those mistakes often cause the closing to be postponed for several months or the deal to fall through entirely.

• Real estate attorneys make sure that title passes cleanly from the seller to the buyer: One of the key roles that local real estate attorneys play in a real estate transaction is they act as a title agent. The title agent works with the title company to ensure that the seller actually has the right to pass full legal ownership (“title”) of the property to the purchaser. If there are any impediments to this right, a title agent will identify them and work with the parties and the title company to resolve these issues before the transaction is set for closing. In addition to the contract, disclosures, and the due diligence materials provided by the Seller, the purchaser’s attorney typically reviews the plat of survey depicting the property and the deed that is given to the purchaser at closing to ensure that the purchaser actually receives full legal ownership to property that the purchaser has contracted to purchase. This is highly technical work on both sides, and it is extremely important in order to protect the interests of both parties. Keep in mind, because attorneys only represent one party in a real estate transaction, you cannot assume that everything is as it should be/good/OK simply because another party to a real estate transaction has hired a local real estate attorney to assist them.

What Real Estate Law Covers

Real estate law encompasses the purchase and sale of real property, meaning land and any structure on it. It also covers legal issues related to anything that is attached to the property or structures, such as appliances and fixtures. Lawyers who specialize in this branch of the legal system ensure that proper procedures are followed during the acquisition or sale of property. They also may be concerned with the use of property. Real estate law covers deeds, property taxes, estate planning, zoning, and titles. All of these laws vary by state and by local government. Attorneys must be licensed to practice in the state where the transaction is taking place and must be up to date on any local or state changes that could affect a transaction.

Real Estate Attorney’s Responsibilities

A real estate attorney is equipped to prepare and review documents relating to real estate such as purchase agreements, mortgage documents, title documents, and transfer documents. A real estate attorney hired to handle a transaction will always attend the closing with the buyer. This is when the money is paid and the title is transferred. The attorney is there to ensure that the transfer is legal, binding, and in the best interests of the client. During the purchase of a property, the real estate attorney and staff might prepare documents, write title insurance policies, complete title searches on the property, and handle the transfer of funds for the purchase. If the purchase is being financed, the attorney is responsible for paperwork such as the federal HUD-1 Form and related transfer of funds documentation for the buyer’s lender. In the case of a real estate dispute, such as chain of title, lot line problems, or other issues involving contracts, the attorney will resolve the problem. A real estate attorney may also provide legal representation for either a buyer or a seller when a dispute winds up in a courtroom. The real estate attorney obtains facts from both sides of the dispute and tries to bring them to a resolution. This may mean hiring a surveyor or title company to work through some of the details.

Like any lawyer, a real estate lawyer has earned a law degree, which typically takes three years of study for a full-time student, and has passed the state bar exam administered by the state in which he or she practices. Training for a specialization like real estate law may begin with elective courses and internships during law school and may continue afterward for certification in real estate law.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is An Investment Memorandum?

Alimony For Cheaters In Divorce

Trademark Rights

IRS Tax Bills

Forbearance Agreement Lawyer

Probate A Will Without A Lawyer

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Apartment Building Investor Attorney first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/apartment-building-investor-attorney/

[r10t3r]

to be more specific check your county court website. check to see what cases they are processing. IE in Alameda county they are only processing emergency orders (such as restraining orders). whereas Stanislaus county is still processing eviction lawsuits (called unlawful detainers in CA) . make sure that they are specifically not processing whatever your state calls the eviction lawsuit. contact a local legal aid they will let you know of there are additional protections (city or county) for example city of Richmond passed emergency eviction protections, but not so for the county it is located in.

if landlord tries to do self-help evictions at least in CA (turning off utilities, changing locks, trying to remove you by force): (1) have proof of tenancy such as rent check, lease, utilities, etc; (2) document whatever they are trying to do; (3) contact sheriff (generally they are the ones who carry out evictions) local police departments work too; (4) let them know what landlord is doing and you should be let back in because the landlord has not gone thru the unlawful detainer process to secure a court order, generally sheriff will let you back in

if they dont let you back in, document any and all related expenses. IE if you had to go to a motel or had to drive to your families house. this will come in handy when you contact an attorney to sue the landlord. you may be entitled to recover your costs AND may have some statutory damages (some jurisdictions will penalize the landlord for illegally evicting a tenant).

always best to contact an attorney theyll know the specifics their jurisdictions. contact legal aids and non profits first as you may be able to get free or low cost assistance. in the US google "law help" + "state name or abbreviation" this should give you a list of local organizations in your area.( IE https://lawhelpca.org/ ) it should also have the local "lawyers referral service" number.(generally ran by the local bar association). these services generally charge you a flat fee for a 30 minute consultation with an attorney in that practice area.

this is not legal advice, only legal information. remember contact an attorney they do this everyday for a living

already knew landlords were bastards but reading that landlord tell fuck knows how many people to sell their cars, spend all their retirement savings, borrow from friends and family, and pay their rent before they fucking FEED THEMSELVES because “it’s more important to have a roof over your head than buy groceries” and “your money goes to pay my mortgage” really hit differently this time ……im pretty sure the guillotine jokes are 99% jokes but bro if you’re going to extort money from people who cant work without risking them and their children’s lives and threaten them and their families with homelessness during a worldwide pandemic? you honestly can fuck around and find out

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Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

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The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/

[aretia]

Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

Civil Unions Are Of The Past

Utah Divorce Code 30-3-10.7

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The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/

[melissawalker01]

Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

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Utah Divorce Code 30-3-10.7

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Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

Civil Unions Are Of The Past

Utah Divorce Code 30-3-10.7

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The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/

[michaeljames1221]

Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

Civil Unions Are Of The Past

Utah Divorce Code 30-3-10.7

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Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

Civil Unions Are Of The Past

Utah Divorce Code 30-3-10.7

The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

from https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/

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Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

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The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/

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Foreclosure Lawyer South Salt Lake Utah

South Salt Lake is a city in Salt Lake County, Utah, United States and is part of the Salt Lake City Metropolitan Statistical Area. The population was 23,617 at the 2010 census. According to the United States Census Bureau, the city has a total area of 6.9 square miles (18 km2), all land. The city is bordered by the Jordan River on the west, 500 East and 700 East on the east, 2100 South on the north, and 3900 South on the south. West Valley City lies to the west, Salt Lake City to the north and northeast, and Millcreek to the east and south. Because of its location next to the Jordan River and well away from the mountains, it is mostly flat, only ranging in elevation from about 4,330 feet (1,320 m) to 4,380 feet (1,340 m). Since 2007, crime in South Salt Lake has been reduced by 30%. Former SSL Police Chief Chris Snyder attributes the drop in crime to 4- factors:

1) Increased attention to code enforcement,

2) Crime Free Rental Housing program that results in greater landlord scrutiny of potential renters,

3) Partnerships, such as that with United Way of Salt Lake, combined with community organizing, such as the Promise South Salt Lake initiative, South Salt Lake Community Connection that address resident needs and improve neighborhoods, and

4) Extensive youth development efforts, such as Promise afterschool programs delivered in nine Neighborhood Centers across the city, and urban/neighborhood revitalization projects. There is a new emphasis on redevelopment (including the Market Station development) and a reduction in the number of liquor licenses allowed to be issued is anticipated to reduce crime in the city.

Understand How Foreclosure Works

Whether you are a lender or a borrower, if you are involved with a mortgage that is arrears, you should know the foreclosure process. Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default.

What is a Default that Starts the Foreclosure Process?

The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process may start after only one missed payment. Other types of default include, allowing damage to the property, failing to make tax payments, failing to insure the property, failing to make condo fee payments, etc. Call our team to find out if a particular action or inaction constitutes a default under your specific mortgage.

Who Pays for the Cost of Foreclosure?

All costs are paid by a borrower in a foreclosure action. As part of the foreclosure process, costs can include (but are not limited to) lawyers, process servers, appraisers, realtors, property managers, repairs, etc. The mortgage agreement allows the lender to add all costs it incurs to the debt owed by the borrower. This is important as a lender (or insurer) can pursue a deficiency judgment in certain circumstances. Two examples are commercial borrowers and CMHC or other insured mortgages. This means that the lender may seek payments from the borrower’s assets, wages, etc for any amount owing after the sale is finalized.

Typical Steps In Foreclosure Process

Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the borrower can immediately repay the arrears, this typically ends the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue. Missed payments (NSF) usually have a financial cost to them ranging from $50-$150.

Demand Letter

In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.

Filing of a foreclosure claim

In Utah, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action wills the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.

Borrowers Potential Actions in the Face of Foreclosure These are the typical borrower’s options. Also watch our video on borrower’s options when faced with foreclosure in Utah.

Repay the arrears

In Utah, a borrower in arrears maintains a right of redemption. Up until the final order is granted by the court, a borrower can end the foreclosure process by paying up the arrears or, in some cases, making payment arrangements to pay up the arrears. Statement of defense There are very few defenses to foreclosure. This option is not often used as it is expensive and unless there is an error in amounts owed or paid, there is no defense to non-payment of a mortgage. If the amount of the appraised value is very low, this is another time when a borrower may file a defense. Demand of notice A demand of notice is a legal declaration that a borrower wants to be kept up to date in the foreclosure process. If a borrower tries selling the property themselves or save money by paying the arrears gradually, this notice requires the lender to go through all the foreclosure process steps and allows a borrower to not be surprised as to then the final foreclosure will occur. No action Unfortunately, this is a frequent choice borrowers make. This allows a lender to note the borrower in default. This will happen after the notice period has passed. The Statement of claim clearly shows the amount of time a borrower has to respond to the statement of claim. Effectively, this allows a lender to jump to the end of the foreclosure process. Quit claim A quit claim is where the borrower agrees to give title to the lender. A borrower is highly recommended to talk to a lawyer if considering a quit claim as they may lose rights and it may have continuing financial repercussions.

Consenting to the foreclosure

This is another situation where a borrower should talk to a lawyer about the legal consequences of this action. It may allow a person to stay in their home longer; however it can have serious repercussions. The Redemption Period is the time that the court allows a borrower to pay back the arrears and bring the mortgage current. The time allowed but the courts will vary. There are many factors that will determine how long a borrower can stay in their home (or commercial property) for the redemption period. The single biggest factor is the amount of equity in the property. This time can often be negotiated so call our foreclosure team today for help either speeding up or extending the redemption period. On average the redemption period is 3-6 months.

This is the step in the foreclosure process where a home is put on the market for sale. Most often it is listed, by the court, with a real estate agent. The agent’s fees are paid by the borrower. All offers are presented to the judge. The judge hearing the matter decides if an offer is fair and if, in the circumstance, appropriately accepted. The sale proceeds are used to pay back all debt(s), in priority order, on title. If there are net funds remaining, they are payable to the borrower.

Order for foreclosure

This happens when the property is not sold but is transferred to the lender in satisfaction of the debt. It is a different process than a judicial sale. The foreclosure order may lead to a deficiency judgment.

Why Foreclosures Occur

When you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price at once. However, you can pay a small percentage of the price up front, usually anywhere from 3% to 20% of the price, with a down payment, and borrow the rest of the money (to be repaid in future years). However, the rest of the money may still amount to hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Therefore, as part of the loan agreement, you will agree that the property you’re buying will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property used as collateral (in this case, the home) in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property. To improve their chances of recouping the money that they lend, they (usually) only lend if you’ve got a good loan-to-value (LTV) ratio, a number that represents the risk that the lender will take in granting someone a secured loan, such as a mortgage. To calculate the ratio, the lender divides your loan amount by the value of the home and then multiples the result by 100 to get a percentage. Lenders view an LTV ratio of 80% or less to be ideal. If you have an LTV ratio that exceeds 80%, you will generally require Private Mortgage Insurance (PMI), which can add tens of thousands of dollars to the amount you pay over the loan term.

How Foreclosures Work

Foreclosure is generally a slow process. If you make one payment a few days or weeks late, you’re probably not facing eviction. However, you may face late fees in as little as 10 to 15 days.8 That’s why it’s important to communicate with your lender as early as possible if you’ve fallen on hard times or expect to in the near future—it might not be too late to avoid foreclosure. The foreclosure process itself varies from lender to lender and laws are different in each state; however, the description below is a rough overview of what you might experience. The entire process could take several months at a minimum.

Notices start. You will generally start to receive communications as soon as you miss one payment, and those communications might include a notice of intent to move forward with the foreclosure process. In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you’ve missed payments for three months, you may be given a “Demand Letter” or “Notice to Accelerate” requesting payment within 30 days. If, by the end of the fourth month of missed payments, you still have not made the payment, many lenders will consider your loan to be in default and will refer you to the lender’s attorney. This is when things get critical.

A judicial or non-judicial foreclosure ensues. When it comes to foreclosure proceedings, there are two types of states: judicial and non-judicial states. In judicial states, your lender must bring legal action against you in the courts to foreclose. This process takes longer, as you often have 30 to 90 days in between each event. In non-judicial states, lenders can foreclose based on the “power of sale” clause in the agreements you’ve signed with them, and a judge is not involved.5As you might imagine, things move much faster in non-judicial states. But in either type of state, you will be given written notice to make payment followed by a “Notice of Default” and a “Notice of Sale.” You can fight the foreclosure in court; in a judicial state, you’ll generally be served with a summons, whereas in a non-judicial state, you’ll need to bring legal action against your lender to stop the foreclosure process. Speak with a local attorney for more details.

You can stop the process. In certain states, lenders are required to offer borrowers the option to reinstate the loan and stop the foreclosure process. Whether or not those options are realistic or feasible is another matter. Lenders might say that you can reinstate the loan anytime after the “Notice of Sale” up until the foreclosure date (the sale date) and stay in the home if you make all (or a substantial portion) of your missed payments and cover the legal fees and penalties charged so far. You might also have an opportunity to pay off the loan in its entirety, but this may only be feasible if you manage to refinance the home or find a substantial source of money.

Be prepared for an auction and eventual eviction. If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction that either the court or a local sheriff’s office runs. If nobody else buys the home (which is common), ownership goes to the lender. At that point, if you’re still in the house (and haven’t made arrangements to protect the house), you face the possibility of eviction, and it’s time to line up new accommodations. Local laws dictate how long you can remain in the house after foreclosure, and you should receive a notice informing you of how long you can stay. Ask your former lender about any “cash for keys” incentives, which can help ease the transition to new housing (assuming that you’re ready to move quickly).

Get a second chance through redemption. Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The “Notice of Sale” will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance that you owe and any costs associated with the foreclosure process to reclaim in the home. It often takes four months after you miss your first payment before you are officially in default of your loan.

How to Avoid a Foreclosure

The act of taking back your home is the last resort for lenders who have given up hope of being paid. The process is time-consuming and expensive for them (although they can try to pass along some of those fees to you), and it is extremely unpleasant for borrowers. Fortunately, you can follow some tips to prevent foreclosure: • Keep in touch with your lender: It’s always a good idea to communicate with your lender if you’re having financial challenges. Get in touch before you start missing payments and ask if anything can be done. And if you start missing payments, don’t ignore communication from your lender—you’ll receive important notices telling you where you are in the process and what rights and options you still have. Speak with a local real estate attorney or HUD housing counselor to understand what’s going on. • Explore alternatives to keep your home: If you know that you won’t be able to make your payments, find out what other options are available to you. You might be able to get help through government foreclosure-avoidance programs. Some lenders offer similar programs to those willing to fill out a mortgage assistance application. Your lender might even offer a loan modification that would make your loan more affordable. Or, you might be able to work out a simple payment plan with your lender if you just need relief for a brief period (if you’re in between jobs, or have surprise medical expenses, for example). • Look into alternatives for leaving your home: Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to a short sale, which allows you to sell the house and use the proceeds to pay off your lender even if the loan hasn’t been completely repaid and the price of the home is less than what you owe on the mortgage. However, you may still have to pay the deficiency unless you have it waived. If that doesn’t work, another less attractive option is a deed in lieu of foreclosure, which allows you to reduce or even eliminate your mortgage balance in exchange for turning over your property to the lender. • Consider bankruptcy: Filing for bankruptcy might temporarily halt a foreclosure. The issues are complex, so speak with a local attorney to get accurate information that’s tailored to your situation and your state of residence. • Avoid scams: Because you’re in a desperate situation, you’re a target for con artists. Be wary of foreclosure rescue scams, such as phony credit counselors or individuals who ask you to sign over the deed to your home, and be selective about whom you ask for help. Start seeking help from HUD counseling agencies and other reputable local agencies.

Foreclosure Lawyer South Salt Lake City

When you need legal help from a foreclosure lawyer in South Salt Lake City, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lehi Utah Foreclosure Lawyer

Debt Restructuring

Divorce Law And Children Of Wealthy Parents

How To Choose A Business Name

Civil Unions Are Of The Past

Utah Divorce Code 30-3-10.7

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The post Foreclosure Lawyer South Salt Lake Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-south-salt-lake-utah/