#mortgage brokers Utah

[mortgagemiracleshappenllc]

Questions to Ask Your Mortgage Broker or Lender?

Ask as many questions as possible about your prospective mortgage lender, and don't be afraid to push for answers. Your life expectancy may be determined by the answers you receive, regardless of whether you're asking about unexpected costs or the best form of loan for your situation. Find a mortgage lender you feel comfortable dealing with if your replies aren't satisfactory; if not, keep looking for a suitable loan, such as prefabricated home loans. 

If a mortgage brokers Utah has all of your pertinent information, they will be able to provide you with more accurate and useful advice. You'll find a lot of support and advice here. The lender may need a credit check on you, so don't be afraid to provide them with your personal information.

Inquiries To Address Before Approaching A Lender Among Loans

Which One Is The Most Beneficial?

Consult your broker to find out which loan option is best for you. Alternatively, he could ask you specific questions to get to the bottom of any misunderstandings or ensure he's doing all you want. As a customer of a financial broker, you should expect them to ask you a lot of questions and try to learn about your specific needs before providing an answer. It is more likely that you will be matched with a loan that matches your needs. Your credit card issuers may also call you to discuss your credit card usage and restrictions. Another way to assess your borrowing capacity is your income and expenditures, for example.

They'll Find Out About Whatever Assets You Have On Hand

When it comes to your loan, you may also be asked about things like mortgage insurance and whether or not you choose a fixed or variable-rate loan. Depending on where you reside, a broker may have a different opinion on which mortgage alternatives are best for you. It is possible to differentiate based on the local market's situation in distinct areas.

Where Should I Begin When It Comes To Making A Down Payment?

To get the best possible interest rate and loan conditions on your mortgage, try to put down at least 20% of the purchase price. However, if your down payment is less than 20%, you may be compelled to pay monthly private mortgage insurance (PMI).

Besides the interest rate, loan length, and monthly payment, your down payment will also influence all of these other factors. Your commercial mortgage broker or lender may provide you with more information if you need it, such as the minimum down payment necessary or whether you are eligible for any down payment or cost-saving assistance programs.

How Do You Get Approved for a Mortgage? 

You may start thinking about where you want to live and looking for a house with your agent. Or you can engage a service that does the house hunting for you. Your mortgage broker will work with you after you accept an offer. This is to find the lending institution that will handle your application.

Your mortgage application should be approved within two to three business days after submitting if all goes according to plan. Once you've completed the paperwork, your mortgage rate and term will be locked in. After that, the lender will provide legal instructions to your attorney, instructing him or her to complete the legal work required to assist with the closing.

What Is The Total Amount Of Money Required?

Appraisal fees, credit reports, and title insurance are all included in the total cost of a loan."

Inspection reports for pests, escrow costs, recording fees and taxes, etc.

Your Jumbo Mortgage lender must provide you with an accurate estimate of these costs. 

Obtaining a Loan Estimate from a lender is a convenient service. The Loan Estimate contains the following information: the borrower's name, Social Security number, address, estimated property value, loan amount, and yearly income.

Before applying for a loan, you should obtain an estimate of the costs associated with that loan.

Also Read: What Is A Conventional Loan vs. FHA Loan?

Conclusion

Your thoughts are not audible to your mortgage broker. Thus they cannot be read. Having said that, an experienced mortgage broker will know exactly what questions to ask a potential customer. Consider taking advantage of our experts' expertise because they've got a lot of good ideas and tactics. As you get closer to buying your first house, this will put you at ease even further.

If you're like most Americans, your mortgage will be your life's most significant financial commitment. Your mortgage broker can help you get a good deal if you ask about these things. Your financial situation will be improved as a result.

[ogdenloans]

Mortgage Lenders Ogden

Do you need a mortgage Lenders? If so, you've come to the right place. We offer a variety of mortgage products and services to suit your needs. We can offer a fixed-rate mortgage, an adjustable-rate mortgage, or a jumbo mortgage. No matter what your needs are, we can help. We offer a variety of mortgage products and services to suit your needs. We can offer a fixed-rate mortgage, an adjustable-rate mortgage, or a jumbo mortgage. No matter what your needs are, we can help.

[divorcelawyergunnisonutah]

Bankruptcy Attorney Salt Lake City Utah

Bankruptcy Attorney Salt Lake City Utah

Filing for bankruptcy is a complicated, emotional process. It takes more work and time than most people realize, but it can also be the right solution for significant debt issues. Consult with a bankruptcy attorney or educate yourself on your options, you may find that filing for bankruptcy could help you out of a difficult financial bind.

Most filers find that bankruptcy eases stress by stopping: • Collections agency calls or harassment • Debt lawsuits from creditors • Wage garnishment (creditors taking money from your paycheck) • Foreclosure (unless the property has already sold) • Repossession of some property (in Chapter 13) Bankruptcy will also: • Get rid of many debts (in Chapter 7) • Protect some property from being sold (depending on exemptions in your state) • Put an end to growing debt and give you a fresh start to turn things around The decision to file for bankruptcy is a serious one. There are several considerations worth examining closely before getting started: • The impact on your future ability to access credit, lenders, or low interest rates • The impact on your credit report • Whether you could lose assets (if you file for Chapter 7) • The differences in the time and expense associated with each form of bankruptcy • Whether you are eligible for certain forms of bankruptcy • Whether you can retain specific valuable assets from repossessions (many states have exemptions) Considering other impacts can be critical in deciding whether to file for bankruptcy or which form is a better option. Some bankruptcies may: • Fail to discharge credit card debts • Impact your pension plans or other assets • Create financial issues for co-signers • Stop foreclosure • Feel like a significant invasion of your personal privacy with the bankruptcy court and working with your bankruptcy trustee. Any of these concerns may impact the desirability of the relief provided. However, none of these reasons are worse than staying in overwhelming debt or making your financial situation worse. Sometimes, you simply need debt help and cannot get there alone. Bankruptcy will give you a fresh start, and you can work towards the financial situation you want.

What Happens After a Chapter 7 Bankruptcy?

Those who pursue a Chapter 7 bankruptcy should be aware of some potential problems or concerns. Many forms of debt cannot be discharged under Chapter 7 bankruptcy, including: • Government-funded student loans • Some forms of tax debt • Federal tax liens • Child support • Alimony or spousal support • Debts for personal injury or death arising from a motor vehicle accident • Fines and penalties for violating the law • Certain tax-advantaged retirement plans • Cooperative housing fees

Potential applicants for Chapter 7 bankruptcy should be aware that even private student loans are rarely discharged without a special showing of undue hardship. This can be hard to prove but can happen if you become permanently disabled and cannot work.

Solving Bankruptcy Problems

Following a bankruptcy, you may need to correct any inaccurate reports from former creditors. To do this, you will need to engage in a process with the credit bureau. This can entail contacting former creditors for verification of the satisfaction of debts. Even when these issues are resolved, those who have completed a bankruptcy can still expect to: • Pay higher credit rates • Have higher down payments • Need to produce a co-signer when attempting to secure new credit

These complications are not the end of the world. They may require using a mortgage broker when seeking to purchase a house.

Reasons Why People Go Bankrupt

The bankruptcy statistics in America are alarming. The past few decades have seen a dramatic rise in the number of people who are unable to pay off their debts, and Congress has recently addressed the issue with legislation that makes it harder to qualify for this status.

Following is a list of the most common causes of bankruptcy in Utah today.

1. Medical Expenses Rare or serious diseases or injuries can easily result in hundreds of thousands of dollars in medical bills—bills that can quickly wipe out savings and retirement accounts, college education funds, and home equity. Once these have been exhausted, bankruptcy may be the only shelter left, regardless of whether the patient or his or her family was able to apply health coverage to a portion of the bill or not.

2. Job Loss Whether due to layoff, termination or resignation, the loss of income from a job can be equally devastating. Some are lucky enough to receive severance packages, but many find pink slips on their desks or lockers with little or no prior notice. Not having an emergency fund to draw from only worsens this situation, and using credit cards to pay bills can be disastrous. The loss of insurance coverage can also drain the job seeker’s already limited resources. Those who are unable to find similar gainful employment for an extended period of time may not be able to recover from the lack of income in time to keep the creditors at bay.

3. Poor or Excess Use of Credit Some people simply can’t control their spending. Credit card bills, installment debt, car, and other loan payments can eventually spiral out of control until finally; the borrower is unable to make even the minimum payment on each type of debt. Having an emergency fund, medical insurance, and keeping your debt-to-credit ratio low are all ways to protect yourself from a future declaration of bankruptcy. If the borrower cannot access funds from friends or family or otherwise obtain a debt-consolidation loan, then bankruptcy is usually the inevitable alternative. Statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing of bankruptcy for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well.

4. Divorce or Separation Marital dissolutions create a tremendous financial strain on both partners in several ways. First come the legal fees, which can be astronomical in some cases, followed by a division of marital assets, decree of child support, and/or alimony, and finally the ongoing cost of keeping up two separate households after the split. The legal costs alone are enough to force some to file, while wage garnishments to cover back child support or alimony can strip others of the ability to pay the rest of their bills.7 Spouses who fail to pay the support dictated in the agreement often leave the other completely destitute.

5. Unexpected Expenses Loss of property due to theft or casualty, such as earthquakes, floods or tornadoes for which the owner is not insured can force some into bankruptcy. Many homeowners are likely unaware that they must take out separate coverage to be covered from certain events such as earthquakes. Those who do not have coverage for this type of peril can face the loss of not only their homes but most or all of their possessions as well. Not only must they then pay to replace these items, but they must also find immediate food and shelter in the meantime. While uncommon, those who lose their wardrobes in such a catastrophe may not be able to dress appropriately for their work, which could cost them their jobs. You won’t necessarily lose your home in Chapter 7 bankruptcy especially if you don’t have much home equity and your mortgage is current. Whether you can keep your home after filing for Chapter 7 bankruptcy will depend on the following factors: • whether your mortgage is current • if you’ll be able to continue making the payments after bankruptcy • how much equity you can protect with a homestead exemption, and • the amount of equity in your home.

If you’re behind on your payment, in foreclosure, or have more equity than you can protect, you’ll have a better chance of keeping your home in Chapter 13 bankruptcy. Filers faced with those circumstances should learn more about choosing between Chapter 7 or Chapter 13 when keeping a home.

Your Home and the Chapter 7 Bankruptcy Trustee

Chapters 7 and 13 work very differently, so it’s important to understand what to expect—especially if you want to keep valuable property in Chapter 7. After filing for Chapter 7, your property will go into a bankruptcy estate held by the Chapter 7 bankruptcy trustee appointed to your case. However, you don’t lose everything because you can remove (exempt) property reasonably necessary to maintain a home and employment. The trustee will sell any remaining assets and distribute the sales proceeds to your creditors.

Here’s the tricky part—if you make a mistake, it’s unlikely that the bankruptcy judge will allow you to dismiss the case, and you could lose the house. So you must follow the rules carefully.

Are Your House Payments Current?

You’ll likely lose your home if you’re behind on the mortgage payment when you file for Chapter 7. Although the automatic stay will temporarily stop a foreclosure, the best thing you can hope for is delaying the process for a few months.

Chapter 7 bankruptcy doesn’t provide a way for you to catch up on the overdue payments. This presents a problem because a mortgage is a secured debt, and you can’t wipe out the lien in Chapter 7 bankruptcy. The lender can foreclose after the automatic stay lifts, and you’ll lose the house. The lender will either ask the court to lift the automatic stay to allow foreclosure proceedings to continue (which the court will likely grant if the trustee doesn’t plan to sell the home) or wait until the bankruptcy ends, proceed with foreclosure, and then sell the house at auction.

Chapter 13 bankruptcy can help. If you’re behind and want to keep your home, the better option is to file a Chapter 13 case. Unlike a Chapter 7 bankruptcy, it has a provision that allows you to catch up on mortgage arrearages over the course of a three- to five-year repayment plan. Also, if you have more equity than you can protect with a homestead exemption (more below), you can pay your creditors the value of the nonexempt equity in the plan, as well.

Can You Continue Making House Payments After Chapter 7 Bankruptcy?

It’s also important to be sure you can afford to continue paying the mortgage payment after a Chapter 7 bankruptcy. Losing the house after your case might put you in a worse financial position. Why? If the lender couldn’t sell the home for the amount you owe, you’d be stuck with a deficiency balance depending on the laws of the state you live in. You’d have to wait eight years to file a second Chapter 7 bankruptcy, leaving the lender plenty of time to collect a deficiency balance using collection methods such as garnishing your wages or levying on a bank account.

How Much Equity Is in Your Home?

If your mortgage payment is up-to-date, your next step will be determining how much equity exists. You’ll start by valuing your home. Then you’ll subtract any outstanding mortgage balance from the home value. The equity would be the amount you’d have in your pocket if you were to sell the house. If you don’t have any equity, you’re in good shape; trustees don’t sell houses without equity. Otherwise, you’ll need to be able to protect your equity with a bankruptcy exemption to avoid losing the home in Chapter 7 bankruptcy.

Can You Protect Your Home Equity With Bankruptcy Exemptions?

State exemption statutes list the property its residents can protect in bankruptcy. Some states allow residents to choose between either the state exemption list or the federal bankruptcy exemption scheme. Either way, almost all states allow residents to protect some home equity with a homestead exemption. You might be able to exempt even more with a wildcard exemption. If your exemptions adequately cover your equity, the trustee won’t sell your home in a Chapter 7 bankruptcy. However, if your exemptions protect only a portion of it, the trustee will sell the house, pay off the mortgage, give you the amount you’re entitled to exempt, and use the remainder of the sales proceeds to pay creditors. Keep in mind that the trustee will take into account the costs to sell the home. If, after deducting sales costs, the amount remaining isn’t enough to make a meaningful payment to creditors, the trustee will abandon the property (and you’ll get to keep it).

Indicators of When to File Bankruptcy

While there is no minimum debt to file bankruptcy, the amount of debt is certainly a vital thing to consider when filing. However, there are other indicators or factors that dictate on when you should file for bankruptcy and these include: • Your ability to repay your debts outside of bankruptcy • Your creditors’ willingness to work with you • Your ability to discharge the types of debts that you have • Other circumstances of your individual case

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

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[bestbuildersinsurance]

Homeowners Insurance Buying Guide

Homeowners insurance protects your home from a wide variety of perils, from fire to lightning. It may also pay for your medical bills if someone is injured on your property. If your home is damaged by a disaster, a home insurance policy will pay to rebuild it. Learn more about home owners insurance utah, go here.

Homeowners insurance is available in three main types. The standard is the barebones HO-1, the HO-3 has endorsements for mobile homes and multi-family dwellings, and the HO-8 is designed for older homes. Each type of coverage has its own limitations and strengths, and you should decide what is best for your unique situation. Find out for further details on builders insurance quotes right here.

Insurance companies weigh different factors when it comes to pricing, from the size of the deductible to the value of the replacement cost for your home. Some insurers offer more extensive coverage than others, so you may have to shop around to find the best deal. There are several online price comparison sites that can help you compare quotes from different companies.

A "guaranteed replacement cost" policy is a good choice, especially if your home has been completely destroyed. Unlike a renter's policy, this one pays to replace your home with the same materials as it was before the storm. Insurers also provide personal liability protection, which is important in the event you are sued for a negligent act on your part.

Although a homeowner's insurance policy will not pay for routine wear and tear, it will usually cover damage caused by fire or other covered losses. Additionally, if your house has a fire alarm and/or sprinkler system, your policy will be easier on the wallet. Another bonus of a home insurance policy is the service charge from your local fire department.

Getting the most accurate home insurance quote is the first step to buying the right coverage. The company will review your home and provide a custom estimate. You can choose from a number of options, including annual payments and bundling.

A homeowners insurance policy should be reviewed at least once a year. You can do this by calling your insurance agent in person or online. Make sure you are aware of the minimum requirements for your state, and understand the potential costs and benefits of adding new rooms, a security system, or a new roof. Depending on the type of home insurance you buy, you may be required to make monthly or annual payments. Take a look at this link https://en.wikipedia.org/wiki/Builder%27s_risk_insurance for more information.

Most homeowners insurance policies cover a range of common hazards, from flood to lightning to fire. However, there are some exceptions. For example, you can get coverage for theft, vandalism, and explosion. Also, you may be required to buy liability protection in order to refinance your mortgage. This is especially true if you have children or other family members living in your house.

One of the more fun aspects of home insurance is shopping for the best rate. Just as you would with a car, you should consider comparing quotes from multiple companies. Many insurance companies will offer discounts and promotions. To find out which company is best for you, you can visit an insurance website, call your favorite insurance broker, or look through a list of local insurers.

[christahayward]

Stopping Foreclosure In Utah

Stopping Foreclosure In Utah

Before the foreclosure crisis, which peaked in 2010, federal and state laws regulating mortgage servicers and foreclosure procedures were relatively limited and tended to favor foreclosing lenders. Now, however, federal and state laws heavily regulate loan servicing and foreclosure processes. And most of the laws give protections to borrowers.

Servicers generally have to provide borrowers with loss mitigation opportunities, account for each foreclosure step, and strictly comply with foreclosure laws. Also, most people who take out a loan to buy a residential property in Utah sign a promissory note and a deed of trust, which is like a mortgage. These documents give homeowners some contractual rights in addition to federal and state legal protections.

In a Utah foreclosure, you’ll most likely get the right to:  A preforeclosure notice  Apply for loss mitigation  Receive certain foreclosure notices  Get current on the loan and stop the foreclosure sale  Receive special protections if you’re in the military  Pay off the loan to prevent a sale  File for bankruptcy, and  Get any excess money after a foreclosure sale.

So, don’t get caught off guard if you’re a Utah homeowner who’s behind in mortgage payments. Learn about each step in a Utah foreclosure, from missing your first payment to a foreclosure sale. Once you understand the process, you can make the most of your situation and, hopefully, work out a way to save your home or at least get through the process with as little anxiety as possible.

What Is Preforeclosure?

The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the “preforeclosure” stage. (Sometimes, people refer to the period before a foreclosure sale actually happens as “preforeclosure,” too.) During this time, the servicer can charge you various fees, like late charges and inspection fees, and, in most cases, must inform you about ways to avoid foreclosure and send you a preforeclosure notice called a “breach letter.”

Fees the Servicer Can Charge During Preforeclosure

If you miss a payment, most loans include a grace period of ten or fifteen days, after which time the servicer will assess a late fee. Each month you miss a payment, the servicer will charge this fee. To find out the late charge amount and grace period for your loan, look at the promissory note you signed. You can also find this information on your monthly mortgage statement.

Also, most Utah deeds of trust allow the lender (or the current loan holder, referred to as the “lender” in this article) to take necessary steps to protect its interest in the property. Property inspections are performed to ensure that the home is occupied and appropriately maintained. Inspections, which are generally drive-by, are usually ordered automatically once the loan goes into default and typically cost around $10 or $15.

Other types of fees the servicer might charge include those for broker’s price opinions, which are like appraisals and property preservation costs, such as for yard maintenance or winterizing an abandoned home.

Federal Mortgage Servicing Laws and Foreclosure Protections

Under federal mortgage servicing laws, the servicer must contact, or attempt to contact, you by phone to discuss loss mitigation options, like a loan modification, forbearance, or repayment plan, no later than 36 days after you miss a payment and again within 36 days after each following delinquency. No later than 45 days after missing a payment, the servicer has to inform you in writing about loss mitigation options that might be available and appoint personnel to help you try to work out a way to avoid foreclosure. A few exceptions are in place for some of these requirements, though, like if you’ve filed bankruptcy or asked the servicer not to contact you pursuant to the Fair Debt Collection Practices Act. (12 C.F.R. § 1024.39, 12 C.F.R. § 1024.40).

Federal mortgage servicing laws also prohibit dual tracking (pursuing a foreclosure while a complete loss mitigation application is pending).

What Is a Breach Letter?

Many Utah deeds of trust have a provision that requires the lender to send a notice, commonly called a “breach letter,” informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.

When Can Foreclosure Start?

Under federal law, the servicer usually can’t officially begin a foreclosure until you’re more than 120 days past due on payments, subject to a few exceptions. (12 C.F.R. § 1024.41). This 120-day period provides most homeowners with ample opportunity to submit a loss mitigation application to the servicer.

What Is the Foreclosure Process in Utah?

If you default on your mortgage payments in Utah, the lender may foreclose using a judicial or non-judicial method.

How Judicial Foreclosures Work

A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. If you don’t respond with a written answer, the lender will automatically win the case. But if you choose to defend the foreclosure lawsuit, the court will review the evidence and determine the winner.

If the lender wins, the judge will enter a judgment and order your home sold at auction.

How Non-judicial Foreclosures Work

If the lender chooses a non-judicial foreclosure, it must complete the out-of-court procedures described in the state statutes. After completing the required steps, the lender can sell the home at a foreclosure sale. Most lenders opt to use the non-judicial process because it’s quicker and cheaper than litigating the matter in court.

Preforeclosure Requirements Under Utah Law

Much like the requirement under federal mortgage servicing laws, after determining that the loan is in default, the servicer or lender must appoint single point of contact who can provide information about the foreclosure and foreclosure relief. (Utah Code Ann. § 57-1-24.3).

Before filing a notice of default, the lender or servicer must mail a notice to you (the borrower) giving you at least 30 days to cure the default by getting current on the loan. The letter will also include the name, telephone number, email address, and mailing address of the single point of contact. (Utah Code Ann. § 57-1-24.3). This information will likely be included in the breach letter.

Notice of Default

The non-judicial foreclosure process formally begins when the trustee records a notice of default at the county recorder’s office. The notice of default gives you three months to cure the default. (Utah Code Ann. § 57-1-24).

Within ten days of the recording, the trustee mails a copy of the notice of default to anyone who has requested a copy. Most deeds of trust in Utah include a request for notice, so you’ll probably get this notification. (Utah Code Ann. § 57-1-26(2)(a)).

Notice of Sale

If you don’t cure the default, after three months, the trustee will record a notice of sale and:  Mail a copy to you at least 20 days before the sale (if your deed of trust includes a request for notice, which it probably does)  Publish notice of the sale in a newspaper, and  Post notice about the sale on the property at least 20 days before the sale. (Utah Code Ann. § 57-1-26(2)(b), § 57-1-25).

The Foreclosure Sale

At the sale, the lender usually makes a credit bid. The lender can bid up to the total amount owed, including fees and costs, or it may bid less. In some states, including Utah, when the lender is the high bidder at the sale but bids less than the total debt, it can get a deficiency judgment against the borrower, subject to some limitations. If the lender is the highest bidder, the property becomes what’s called “Real Estate Owned” (REO).

But if a bidder, say a third party, is the highest bidder and offers more than you owe, and the sale results in excess proceeds—that is, money over and above what’s needed to pay off all the liens on your property—you’re entitled to that surplus money.

How Long Do You Have to Move Out After Foreclosure in Utah?

If you don’t vacate the property following the foreclosure sale, the new owner will probably:  Offer you a cash-for-keys deal, or  Take steps to evict you.

The eviction process starts with a notice to quit. If you still don’t leave by the deadline given in the notice, the new owner will go through the court system to evict you. (Utah Code Ann. § 78B-6-802.5).

HOW CAN I STOP A FORECLOSURE IN UTAH?

A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. (Of course, if you’re able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)

Reinstating the Loan

Utah law gives you three months after the trustee records the notice of default to reinstate the loan. (Utah Code Ann. § 57-1-31). Also, the deed of trust might give you more time to reinstate. Check the paperwork you signed when you took out the loan to find out if you get more time to get caught up on past-due amounts and, if so, the deadline to reinstate. You can also call your loan servicer and ask if the lender will let you reinstate.

Redeeming the Property before the Sale

One way to stop a foreclosure is by “redeeming” the property. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.

Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Under Utah law, however, foreclosed homeowners don’t get a right of redemption after a non-judicial foreclosure. (Utah Code Ann. § 57-1-28(3)).

Filing for Bankruptcy

If you’re facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy. Once you file for bankruptcy, something called an “automatic stay” goes into effect. The stay functions as an injunction, which prohibits the lender from foreclosing on your home or otherwise trying to collect its debt, at least temporarily.

In many cases, filing for Chapter 7 bankruptcy can delay the foreclosure by a matter of months. Or, if you want to save your home, filing for Chapter 13 bankruptcy might be the answer. To find out about the options available to you, speak with a local bankruptcy attorney.

Compromise

If a lender is preparing to foreclose on your home, they will first present you with an NOD, or Notice of Default. They also have to schedule a time for auction for your home. During this in-between period before the auction takes place, know that lenders will almost always work out a financial compromise that will allow you to get back on your mortgage program without foreclosure. Any final compromises you might be able to make should be suggested at that time.

Short Sale

If you receive an offer from a buyer between receiving your NOD and the auction date, the lender must consider it. They may view this option as a time-saver that nets them virtually the same result – after all, they’d already be turning around to re-sell the home anyway. This is called a short sale, and there are plenty of situations where it can work as an acceptable compromise for both sides.

Assumption/Lease-Option

Most loans these days are not assumable, but if you are facing foreclosure, there’s a chance your lender could be willing to modify your loan. They might be willing to allow another buyer to assume your loan if this means less hassle for them – if you can negotiate a down payment from the new buyer that pays off your outstanding balance plus assumes the loan at no additional risk to the lender, everyone wins.

Foreclosure Protections and Military Service members

The Service members Civil Relief Act provides legal protections to military personnel who are in danger of foreclosure.

Utah Deficiency Judgment Laws

In a foreclosure, the borrower’s total mortgage debt sometimes exceeds the foreclosure sale price. The difference between the total debt and the sale price is called a “deficiency.” For example, say the total debt owed is $600,000, but the home sells for $550,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment against the debtor to recover the deficiency. Generally, once the lender gets a deficiency judgment, the lender may collect this amount—in our example, $50,000—from the borrower.

In Utah, the lender can get a deficiency judgment after a non-judicial foreclosure by filing a lawsuit within three months of the sale. (Utah Code Ann. § 57-1-32). The deficiency amount is limited to the difference between the lesser of :  Your total debt and the property’s fair market value or  Your total debt and the foreclosure sale price. (Utah Code Ann. § 57-1-32).

How to Find State Foreclosure Laws

To find Utah’s laws, search online for “Utah statutes” or “Utah laws.” Make sure you’re reading the most recent, official laws. Usually, the URL will end in “.gov” or the statutes will be on an official state legislature webpage.

Although the programs under the Making Home Affordable (MHA) initiative have expired, the MHA website still contains useful information for homeowners facing foreclosure.

Getting Help

How courts and agencies interpret and apply laws can change. And some rules can even vary within a state. These are just some of the reasons to consider consulting a lawyer if you’re facing a foreclosure. If you have questions about Utah’s foreclosure process or want to learn about potential defenses to a foreclosure and possibly fight the foreclosure in court, consider talking to a foreclosure attorney.

For people struggling with mortgage payments and at risk of default and foreclosure on a home, declaring bankruptcy can be a viable option in some cases. Bankruptcy attorneys can walk you through when declaring and might help save your home and preserve your equity.

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 (385) 557-8471. We want to help you!

[wilmawright]

Stopping Foreclosure In Utah

Before the foreclosure crisis, which peaked in 2010, federal and state laws regulating mortgage servicers and foreclosure procedures were relatively limited and tended to favor foreclosing lenders. Now, however, federal and state laws heavily regulate loan servicing and foreclosure processes. And most of the laws give protections to borrowers.

Servicers generally have to provide borrowers with loss mitigation opportunities, account for each foreclosure step, and strictly comply with foreclosure laws. Also, most people who take out a loan to buy a residential property in Utah sign a promissory note and a deed of trust, which is like a mortgage. These documents give homeowners some contractual rights in addition to federal and state legal protections.

In a Utah foreclosure, you’ll most likely get the right to:

 A preforeclosure notice

 Apply for loss mitigation

 Receive certain foreclosure notices

 Get current on the loan and stop the foreclosure sale

 Receive special protections if you’re in the military

 Pay off the loan to prevent a sale

 File for bankruptcy, and

 Get any excess money after a foreclosure sale.

So, don’t get caught off guard if you’re a Utah homeowner who’s behind in mortgage payments. Learn about each step in a Utah foreclosure, from missing your first payment to a foreclosure sale. Once you understand the process, you can make the most of your situation and, hopefully, work out a way to save your home or at least get through the process with as little anxiety as possible.

What Is Preforeclosure?

The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the “preforeclosure” stage. (Sometimes, people refer to the period before a foreclosure sale actually happens as “preforeclosure,” too.) During this time, the servicer can charge you various fees, like late charges and inspection fees, and, in most cases, must inform you about ways to avoid foreclosure and send you a preforeclosure notice called a “breach letter.”

Fees the Servicer Can Charge During Preforeclosure

If you miss a payment, most loans include a grace period of ten or fifteen days, after which time the servicer will assess a late fee. Each month you miss a payment, the servicer will charge this fee. To find out the late charge amount and grace period for your loan, look at the promissory note you signed. You can also find this information on your monthly mortgage statement.

Also, most Utah deeds of trust allow the lender (or the current loan holder, referred to as the “lender” in this article) to take necessary steps to protect its interest in the property. Property inspections are performed to ensure that the home is occupied and appropriately maintained. Inspections, which are generally drive-by, are usually ordered automatically once the loan goes into default and typically cost around $10 or $15.

Other types of fees the servicer might charge include those for broker’s price opinions, which are like appraisals and property preservation costs, such as for yard maintenance or winterizing an abandoned home.

Federal Mortgage Servicing Laws and Foreclosure Protections

Under federal mortgage servicing laws, the servicer must contact, or attempt to contact, you by phone to discuss loss mitigation options, like a loan modification, forbearance, or repayment plan, no later than 36 days after you miss a payment and again within 36 days after each following delinquency. No later than 45 days after missing a payment, the servicer has to inform you in writing about loss mitigation options that might be available and appoint personnel to help you try to work out a way to avoid foreclosure. A few exceptions are in place for some of these requirements, though, like if you’ve filed bankruptcy or asked the servicer not to contact you pursuant to the Fair Debt Collection Practices Act. (12 C.F.R. § 1024.39, 12 C.F.R. § 1024.40).

Federal mortgage servicing laws also prohibit dual tracking (pursuing a foreclosure while a complete loss mitigation application is pending).

What Is a Breach Letter?

Many Utah deeds of trust have a provision that requires the lender to send a notice, commonly called a “breach letter,” informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.

When Can Foreclosure Start?

Under federal law, the servicer usually can’t officially begin a foreclosure until you’re more than 120 days past due on payments, subject to a few exceptions. (12 C.F.R. § 1024.41). This 120-day period provides most homeowners with ample opportunity to submit a loss mitigation application to the servicer.

What Is the Foreclosure Process in Utah?

If you default on your mortgage payments in Utah, the lender may foreclose using a judicial or non-judicial method.

How Judicial Foreclosures Work

A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. If you don’t respond with a written answer, the lender will automatically win the case. But if you choose to defend the foreclosure lawsuit, the court will review the evidence and determine the winner.

If the lender wins, the judge will enter a judgment and order your home sold at auction.

How Non-judicial Foreclosures Work

If the lender chooses a non-judicial foreclosure, it must complete the out-of-court procedures described in the state statutes. After completing the required steps, the lender can sell the home at a foreclosure sale. Most lenders opt to use the non-judicial process because it’s quicker and cheaper than litigating the matter in court.

Preforeclosure Requirements Under Utah Law

Much like the requirement under federal mortgage servicing laws, after determining that the loan is in default, the servicer or lender must appoint single point of contact who can provide information about the foreclosure and foreclosure relief. (Utah Code Ann. § 57-1-24.3).

Before filing a notice of default, the lender or servicer must mail a notice to you (the borrower) giving you at least 30 days to cure the default by getting current on the loan. The letter will also include the name, telephone number, email address, and mailing address of the single point of contact. (Utah Code Ann. § 57-1-24.3). This information will likely be included in the breach letter.

Notice of Default

The non-judicial foreclosure process formally begins when the trustee records a notice of default at the county recorder’s office. The notice of default gives you three months to cure the default. (Utah Code Ann. § 57-1-24).

Within ten days of the recording, the trustee mails a copy of the notice of default to anyone who has requested a copy. Most deeds of trust in Utah include a request for notice, so you’ll probably get this notification. (Utah Code Ann. § 57-1-26(2)(a)).

Notice of Sale

If you don’t cure the default, after three months, the trustee will record a notice of sale and:

 Mail a copy to you at least 20 days before the sale (if your deed of trust includes a request for notice, which it probably does)

 Publish notice of the sale in a newspaper, and

 Post notice about the sale on the property at least 20 days before the sale. (Utah Code Ann. § 57-1-26(2)(b), § 57-1-25).

The Foreclosure Sale

At the sale, the lender usually makes a credit bid. The lender can bid up to the total amount owed, including fees and costs, or it may bid less. In some states, including Utah, when the lender is the high bidder at the sale but bids less than the total debt, it can get a deficiency judgment against the borrower, subject to some limitations. If the lender is the highest bidder, the property becomes what’s called “Real Estate Owned” (REO).

But if a bidder, say a third party, is the highest bidder and offers more than you owe, and the sale results in excess proceeds—that is, money over and above what’s needed to pay off all the liens on your property—you’re entitled to that surplus money.

How Long Do You Have to Move Out After Foreclosure in Utah?

If you don’t vacate the property following the foreclosure sale, the new owner will probably:

 Offer you a cash-for-keys deal, or

 Take steps to evict you.

The eviction process starts with a notice to quit. If you still don’t leave by the deadline given in the notice, the new owner will go through the court system to evict you. (Utah Code Ann. § 78B-6-802.5).

HOW CAN I STOP A FORECLOSURE IN UTAH?

A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. (Of course, if you’re able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)

Reinstating the Loan

Utah law gives you three months after the trustee records the notice of default to reinstate the loan. (Utah Code Ann. § 57-1-31). Also, the deed of trust might give you more time to reinstate. Check the paperwork you signed when you took out the loan to find out if you get more time to get caught up on past-due amounts and, if so, the deadline to reinstate. You can also call your loan servicer and ask if the lender will let you reinstate.

Redeeming the Property before the Sale

One way to stop a foreclosure is by “redeeming” the property. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.

Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Under Utah law, however, foreclosed homeowners don’t get a right of redemption after a non-judicial foreclosure. (Utah Code Ann. § 57-1-28(3)).

Filing for Bankruptcy

If you’re facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy. Once you file for bankruptcy, something called an “automatic stay” goes into effect. The stay functions as an injunction, which prohibits the lender from foreclosing on your home or otherwise trying to collect its debt, at least temporarily.

In many cases, filing for Chapter 7 bankruptcy can delay the foreclosure by a matter of months. Or, if you want to save your home, filing for Chapter 13 bankruptcy might be the answer. To find out about the options available to you, speak with a local bankruptcy attorney.

Compromise

If a lender is preparing to foreclose on your home, they will first present you with an NOD, or Notice of Default. They also have to schedule a time for auction for your home. During this in-between period before the auction takes place, know that lenders will almost always work out a financial compromise that will allow you to get back on your mortgage program without foreclosure. Any final compromises you might be able to make should be suggested at that time.

Short Sale

If you receive an offer from a buyer between receiving your NOD and the auction date, the lender must consider it. They may view this option as a time-saver that nets them virtually the same result – after all, they’d already be turning around to re-sell the home anyway. This is called a short sale, and there are plenty of situations where it can work as an acceptable compromise for both sides.

Assumption/Lease-Option

Most loans these days are not assumable, but if you are facing foreclosure, there’s a chance your lender could be willing to modify your loan. They might be willing to allow another buyer to assume your loan if this means less hassle for them – if you can negotiate a down payment from the new buyer that pays off your outstanding balance plus assumes the loan at no additional risk to the lender, everyone wins.

Foreclosure Protections and Military Service members

The Service members Civil Relief Act provides legal protections to military personnel who are in danger of foreclosure.

Utah Deficiency Judgment Laws

In a foreclosure, the borrower’s total mortgage debt sometimes exceeds the foreclosure sale price. The difference between the total debt and the sale price is called a “deficiency.” For example, say the total debt owed is $600,000, but the home sells for $550,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment against the debtor to recover the deficiency. Generally, once the lender gets a deficiency judgment, the lender may collect this amount—in our example, $50,000—from the borrower.

In Utah, the lender can get a deficiency judgment after a non-judicial foreclosure by filing a lawsuit within three months of the sale. (Utah Code Ann. § 57-1-32). The deficiency amount is limited to the difference between the lesser of :

 Your total debt and the property’s fair market value or

 Your total debt and the foreclosure sale price. (Utah Code Ann. § 57-1-32).

How to Find State Foreclosure Laws

To find Utah’s laws, search online for “Utah statutes” or “Utah laws.” Make sure you’re reading the most recent, official laws. Usually, the URL will end in “.gov” or the statutes will be on an official state legislature webpage.

Although the programs under the Making Home Affordable (MHA) initiative have expired, the MHA website still contains useful information for homeowners facing foreclosure.

Getting Help

How courts and agencies interpret and apply laws can change. And some rules can even vary within a state. These are just some of the reasons to consider consulting a lawyer if you’re facing a foreclosure. If you have questions about Utah’s foreclosure process or want to learn about potential defenses to a foreclosure and possibly fight the foreclosure in court, consider talking to a foreclosure attorney.

For people struggling with mortgage payments and at risk of default and foreclosure on a home, declaring bankruptcy can be a viable option in some cases. Bankruptcy attorneys can walk you through when declaring and might help save your home and preserve your equity.

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

[nrgyhomes]

Tips for Building Your First Home

If you're thinking about building your own home, there are a few things to keep in mind. In this article, we'll share five tips to help you along the way. from choosing the right location to budgeting for your project, we'll cover everything you need to know!

Do your Research

When you're looking to buy New Home Builder Park City or any other popular city in Utah, it's important to do your research. Make sure you know what you're getting into, and don't overspend on something that isn't right for you. These factors should be considered while doing your research- 1. Talk to a real estate agent. They can help you understand the market and find the right home for you.

2. Get pre-approved for a mortgage

3. Don't be afraid to walk away from a home if it doesn't fit your needs.

4. Be realistic about your budget and don't let yourself become attached to anyone’s home.

5. Use a home inspection as a guide, but don't rely solely on them.

Estimate your Budget and Source of Financing

Building a home is an expensive proposition. It's important to estimate your budget and determine where you will be able to get the most affordable financing. Get estimates from the best custom home builder near your location. You'll need to factor in the cost of materials, permits, and Homeowners Insurance when estimating your budget. Get quotes from roofers, plumbers, electricians, and others who could potentially be involved in your home project.

Don't just rely on the first rate you find. Compare rates from different lenders and brokers to find one that offers the best deal for your needs and budget. Look into government programs and tax breaks. There may be government programs or tax breaks available that could lower your overall costs for building a home.

Consider financing options such as mortgages, adjustable-rate loans, or Home Equity Loans. There are many different types of financing available that can meet your specific needs and budget. Talk to a lending agent or banker to find the best option for you and your family

Pick the Right Builder

Building a home is an expensive and time-consuming process, so it's important to choose the right Utah Custom Home Builder. Here are five tips for choosing the right builder:

Before selecting a builder, do your research and look at online reviews. You can also contact various homeowners’ associations and ask their members whom they recommend. Consider your needs and budget. When deciding on a builder, take into account your needs and budget.

Talk to other builders once you have decided on a builder about their experience working with them. Ask if they have any recommendations for specific features or materials that would fit your needs perfectly.

Get quotes from several builders. Once you have determined your needs, get quotes from several builders to get an idea of what your home might cost. Remember to consider things like design features, permits required, and extra fees that may be charged.

Negotiate a Contract with the Builder

It's important to get a contract in writing from your Home Builder in Utah. This will ensure that you're both aware of what's expected of both parties and that any disputes can be resolved quickly and easily. Builders are often willing to give a price quote before signing a contract, so make sure to ask. You may be surprised at how much cheaper the final cost can be if you wait until after the builder has completed some preliminary work. A builder who is not licensed or insured may be doing illegal work, putting your safety at risk. Ask to see their license and insurance certificate before signing on the line. If you notice any errors or incomplete work during the construction process, don't hesitate to dispute them with the builder. This will help save both time and money down the road. Make sure to get written confirmation of all fees and payments from the builder before signing anything.

[erika29is-blog]

https://www.mortgagetrees.com - Searching for a mortgage broker in South Jordan can be quite a nuisance, but that can change quickly. Mortgage Trees are brokers who can provide you and your family with the exceptional ability to gain a variety of loans; ranging from traditional, FHA, VA and USDA as well as refinancing. Their brokers will help you get your first home, or a new one, even refinance so you can achieve your dreams. They are there to aid you to acquire your dream home. They have a reliable team of dedicated experts that will save you time and money. They have dealt with many families and financial situations while also helping people get the right resources they need to get into the estate that they desire. Their mission is to aid clients to get into their house the fastest way possible. Don’t throw away the opportunity you are looking for to purchase that home you desire through a mortgage broker. If you are in South Jordan or the area of Salt Lake City, check the following webpage: https://www.mortgagetrees.com/. You can also call them at 1-888-546-3243 or visit them at 5272 S. College Drive Suite #105 Murray, Utah 84123.

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[ogdenmortgage-blog]

USDA Mortgage Company in Utah – How To Choose A Right One

As you work hard to search some other services in a local market, searching a good USDA lender in a financial market is also the same. It is not difficult to select a right USDA lender. You just need to collect the right information about them. Read our latest blog and learn How To Choose A Right USDA Mortgage Company. 👌👌👌 Visit here: https://bit.ly/2DHPmJt

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Estate Planning Attorney South Weber Utah

Estate Planning Attorney South Weber Utah

A home appraisal determines the value of your property by assessing comparable sales of similar properties in your neighborhood. A home appraisal is the estimated value of a home property by a licensed appraiser. An appraisal is made by inspecting your home, taking into account factors including the square footage and the asking price of comparable properties in your home’s neighborhood.

An appraisal is important for a mortgage lender like a bank or a mortgage broker—to determine the value of the property that a borrower currently owns or is trying to buy. Common reasons for ordering a home appraisal include refinancing a home’s mortgage or securing a loan to buy a house. You might need a bank loan to help pay your mortgage or contribute to the down payment of a house.

Private mortgage lenders usually require a home appraisal to weigh the home’s value against the size of the loan to the homebuyer. Federal institutions like the Federal Housing Administration (FHA) or the US Department of Veterans Affairs also provide home loans, which require home appraisals as part of the application process.

Real Estate Appraisal vs. Home Inspection: What’s the Difference?

There are several differences between a real estate appraisal and a home inspection, some of which include the following. • Value vs. Condition: The purpose of a home appraisal is to determine an appraised value of the property, while a home inspection is to determine the home’s condition. While the condition of a home can contribute to or detract from its value, a home appraiser and a home inspector are looking for slightly different things. A home inspector will look at the condition of the home more closely than the appraiser, often looking for foundational or structural abnormalities. • Market Comparison: A home appraisal determines the fair market value of the home by comparing it with comparable homes on the real estate market. Home inspections do not take the market or comparable homes into consideration. • Appraisals are mandatory for a loan: Home appraisals are a mandatory phase of the home buying process and as such the mortgage lender will schedule the appraisal. A home inspection is more for the benefit of the homeowner and is not mandatory to secure a loan from a lender.

Who Appraises a Home?

Home appraisals are conducted by a licensed, third-party home appraiser. The lender is responsible for scheduling a home appraisal with an appraiser who has no connection to the lender, the buyer, or the seller.

The homebuyer, homeowner, or loan borrower is responsible for the appraisal costs as part of the closing costs of the home. A home appraisal can take anywhere between 20 minutes to two hours, depending on the size of your home. Once the appraiser has made their valuation, the appraiser will write a written report containing the home’s appraisal value that outlines how the determination was made.

How Does a Home Appraisal Work?

Home appraisals are used to secure a loan from a financial institution for a mortgage or down payment for a home purchase. They are ordered by the same financial institution when you’re refinancing your mortgage. Here is a brief overview of the process of a home appraisal.

1. Your appraisal is scheduled. The lender must run an appraisal to determine a fair market value for a property to determine your loan. The applicant must pay for the cost of the appraisal, and the appraiser cannot have a personal connection to the financial institution or the buyer, seller, or owner of the home. 2. The appraiser visits the home. An appraiser will visit your home and assess its size, location, condition, and added elements of value to determine a fair market value for the house. Your appraisal may take from 20 minutes to two hours. 3. The appraiser writes a report. Your appraiser will write a full report describing what they found in the home assessment. They will also include data on the value of comparable properties in the area. They will assign a fair market value to the house. 4. Your loan is granted or denied by the lending institution. If you’re trying to secure a loan to buy a house and the appraisal valuation comes back less than the selling price, the financial institution may deny your loan. Your loan will be granted if the valuation of the house meets the agreed-upon purchase price, or is greater than the purchase price. The lender will compile a closing disclosure that enumerates your down payment, closing costs, or the terms of your mortgage.

What Does an Appraiser Look For?

To appraise a home, the homeowner hires a third-party home appraiser to run an appraisal report of a home by inspecting and assessing the property. A property assessment is similar to a home inspection, but an appraiser will additionally take the sales prices of comparable homes—or comps—into account. To determine the value of the property against similar homes, an appraiser assesses the following: • Square footage • The physical condition of a home (including appearance, cracks, water damage) • The structural integrity of the home • Quality of landscaping around the home • The home’s number of bedrooms and bathrooms. • Any amenities or renovations like fireplaces, swimming pools, lighting, plumbing, and finishes such as hardwood floors or marble countertops

Tips on Preparing for a Home Appraisal

Whether you’re a home buyer or a homeowner looking to refinance your mortgage, it’s important to prepare for your residential appraisal. Getting a low appraisal can mean having a higher loan-to-value ratio, which can affect the interest rates of your loan.

1. Review the market. If you’re looking to secure a loan for a new home, you should review recent sales of other homes in the neighborhood of the home you want to buy. This can give you an idea of how your desired property might be appraised. 2. Examine your desired home’s state of repair. Examining the state of repair of your desired home can help you plan ahead and budget for necessary repairs or renovations. 3. Assess the condition of your house. If you’re a homeowner looking to refinance your mortgage, you want to make sure that your house is in the best condition it can be before the inspection. Make any necessary repairs to your home prior to inspection, paying particular attention to painting and patching walls, checking all light switches and wall outlets work, and repairing roofs and gutters. 4. Provide documentation. Provide copies of your home’s previous appraisals to the home appraiser, and keep documents of all home improvements made and the attached costs.

What Does an Estate Lawyer Do?

People spend their entire lives acquiring an “estate.” An estate can be large or small. It consists of savings, checking, and any investment accounts a person may have, as well as all property they own – including moveable and moveable property. Most people have “movable property.” Moveable property is anything a person owns- a mobile home, furniture, paintings, a car, a coin collection, their clothing and so on. Those people who own their homes rather than rent possess “Immovable property.” Immoveable or “real” property refers to land and to permanent structures (homes, barns, etc.) built on that land. After working so hard to develop an estate (even if you weren’t really aware that that’s what you were doing!) it would be an absolute tragedy to see some or all of it pass out of your family’s hands once you pass away.

An estate lawyer can help you prevent that from happening. An estate lawyer performs many functions to help clients protect their assets and ensure that they end up where the client wants them to go.

Drafting a will

One of the main functions an estate lawyer performs is to help a client draft his or her will. A will is imperative in this day and age. If you don’t put down in writing where you want every single bit of your estate to go- from moveable property to immoveable property – a court in your state will decide it for you… and charge your heirs a great deal of money (it could run into the thousands of dollars) for the privilege. It will also take considerable more time than if you leave a will.

Creating a trust

An alternative to a will is to create a trust. With a trust, all of your assets are placed into an account, and you then appoint a “trustee” – a person whom you trust – who will disburse the funds when appropriate. A trust is important if there are young children involved. The funds they are to inherit can be disbursed when they reach a certain age, rather than when they are too young to properly handle the money. An estate lawyer, if so commissioned, can also act as a “protector” of the trust if desired.

Advanced Health Care Directives

More familiarly known as a “Living Will,” this document ensures that your wishes will be adhered to – regarding your own health – should you suffer an accident that leaves you incapacitated, or if you develop a disease such as Alzheimer’s for example, which will affect your ability to make decisions for yourself about resuscitation, for example.

Probate

When a person passes away, the estate must be divided as he or she wished (if a will or trust was created) or how the court wishes (if there was no will or trust). This is called probate. Probate is a legal process that has to go through the Court (and of course, fees have to be paid to the Court).

An Estate Lawyer Gives You Peace of Mind

53% of people living South Weber Utah have a will. That is an incredibly low percentage. Many young people do not bother with wills, as they did not bother with health insurance. However, accidents happen every day and it is imperative that even young people plan for the future and every eventuality. An estate lawyer can help. An executor is the person responsible for managing the administration of a deceased individual’s estate.

Obligations can vary from state to state and the size of the estate can determine the responsibilities that will be needed. The executor is either named in the will and if no will is left, the courts can name an executor. The time necessary to complete an estate will be determined by the size of the estate and the location of the assets left in the state. An executor may be required to perform some or all of the duties listed below: • Locate documents: The determination of a will and the delivery of it to the courts will be necessary. If a copy exists, the attorney who drew the will may have the original. The original should be delivered to the court. A certified copy of the death certificate is also required. • Tax returns:. The executor must file the final tax return for the deceased. Taxes may include estate taxes and income taxes. • Probate: If there is a will, the court will grant you letters testamentary. If there is no will, you will receive letters of administration. The court will instruct you as the executor when to begin complying with the probate. • Notice to interested parties: Notify the beneficiaries of the will as well as any potential heirs. In addition a notice for potential creditors in a newspaper near where the deceased lived should be placed. • Payment of claims by creditors: Once the creditors are identified, debts will need to be paid from the estate’s funds. Debts can include funeral expenses, probate and administration fees and taxes as well as any valid claims filed by creditors. • Distribution: Once the creditors’ claims are clear, the executor is responsible for making sure the beneficiaries receive the assets named in the will. • Legal counsel: Although it is not a requirement, hiring an attorney can help reduce time and exposure to liability. In many states the executor can be held legally responsible for the value of the assets held in the estate. Many attorneys specialize in this area and locating a competent one is fairly easy. • Record keeping: It is very important to keep accurate records of everything you do. A final accounting to the court and the beneficiary must be completed before the estate can be finalized. The accounting should include any distributions and expenses as well as any income earned by the estate since the deceased died. • Court accounting: Once the final accounting is approved by the beneficiaries and the court, the court will close the estate. • Management:. As executor, you will need to prepare a list of the deceased’s assets and liabilities. One of the executor’s jobs is to protect the property from loss and to insure the assets are kept safe. An appraiser may be needed to provide a value of a specific asset. If a business is part of the assets, it will need to also be managed. The executor is allowed compensation for performing these duties.

Things Every Buyer Needs – To Close A Commercial Real Estate Loan

Sellers and their agents often express the attitude that the Buyer’s financing is the Buyer’s problem, not theirs. Perhaps, but facilitating Buyer’s financing should certainly be of interest to Sellers. How many sale transactions will close if the Buyer cannot get financing? This is not to suggest that Sellers should intrude upon the relationship between the Buyer and its lender, or become actively involved in obtaining Buyer’s financing. It does mean, however, that the Seller should understand what information concerning the property the Buyer will need to produce to its lender to obtain financing, and that Seller should be prepared to fully cooperate with the Buyer in all reasonable respects to produce that information.

Basic Lending Criteria

Lenders actively involved in making loans secured by commercial real estate typically have the same or similar documentation requirements. Unless these requirements can be satisfied, the loan will not be funded. If the loan is not funded, the sale transaction will not likely close.

For Lenders, the object, always, is to establish two basic lending criteria: • The ability of the borrower to repay the loan; and • The ability of the lender to recover the full amount of the loan, including outstanding principal, accrued and unpaid interest, and all reasonable costs of collection, in the event the borrower fails to repay the loan.

In nearly every loan of every type, these two lending criteria form the basis of the lender’s willingness to make the loan. Virtually all documentation in the loan closing process points to satisfying these two criteria.

There are other legal requirements and regulations requiring lender compliance, but these two basic lending criteria represent, for the lender, what the loan closing process seeks to establish. They are also a primary focus of bank regulators, such as the FDIC, in verifying that the lender is following safe and sound lending practices. Few lenders engaged in commercial real estate lending are interested in making loans without collateral sufficient to assure repayment of the entire loan, including outstanding principal, accrued and unpaid interest, and all reasonable costs of collection, even where the borrower’s independent ability to repay is substantial. As we have seen time and again, changes in economic conditions, whether occurring from ordinary economic cycles, changes in technology, natural disasters, divorce, death, and even terrorist attack or war, can change the “ability” of a borrower to pay. Prudent lending practices require adequate security for any loan of substance.

Documenting The Loan

There is no magic to documenting a commercial real estate loan. There are issues to resolve and documents to draft, but all can be managed efficiently and effectively if all parties to the transaction recognize the legitimate needs of the lender and plan the transaction and the contract requirements with a view toward satisfying those needs within the framework of the sale transaction. While the credit decision to issue a loan commitment focuses primarily on the ability of the borrower to repay the loan; the loan closing process focuses primarily on verification and documentation of the second stated criteria: confirmation that the collateral is sufficient to assure repayment of the loan, including all principal, accrued and unpaid interest, late fees, attorneys fees and other costs of collection, in the event the borrower fails to voluntarily repay the loan.

With this in mind, most commercial real estate lenders approach commercial real estate closings by viewing themselves as potential “back-up buyers”. They are always testing their collateral position against the possibility that the Buyer/Borrower will default, with the lender being forced to foreclose and become the owner of the property. Their documentation requirements are designed to place the lender, after foreclosure, in as good a position as they would require at closing if they were a sophisticated direct buyer of the property; with the expectation that the lender may need to sell the property to a future sophisticated buyer to recover repayment of their loan.

Top 10 Lender Deliveries

In documenting a commercial real estate loan, the parties must recognize that virtually all commercial real estate lenders will require, among other things, delivery of the following “property documents”: 1. Operating Statements for the past 3 years reflecting income and expenses of operations, including cost and timing of scheduled capital improvements; 2. Certified copies of all Leases; 3. A Certified Rent Roll as of the date of the Purchase Contract, and again as of a date within 2 or 3 days prior to closing; 4. Estoppels Certificates signed by each tenant (or, typically, tenants representing 90% of the leased GLA in the project) dated within 15 days prior to closing; 5. Subordination, Non-Disturbance and Attornment (“SNDA”) Agreements signed by each tenant; 6. An ALTA lender’s title insurance policy with required endorsements, including, among others, an ALTA 3.1 Zoning Endorsement (modified to include parking), ALTA Endorsement No. 4 (Contiguity Endorsement insuring the mortgaged property constitutes a single parcel with no gaps or gores), and an Access Endorsement (insuring that the mortgaged property has access to public streets and ways for vehicular and pedestrian traffic); 7. Copies of all documents of record which are to remain as encumbrances following closing, including all easements, restrictions, party wall agreements and other similar items; 8. A current Plat of Survey prepared in accordance with 2011 Minimum Standard Detail for ALTA/ACSM Land Title Surveys, certified to the lender, Buyer and the title insurer; 9. A satisfactory Environmental Site Assessment Report (Phase I Audit) and, if appropriate under the circumstances, a Phase 2 Audit, to demonstrate the property is not burdened with any recognized environmental defect; and 10. A Site Improvements Inspection Report to evaluate the structural integrity of improvements. To be sure, there will be other requirements and deliveries the Buyer will be expected to satisfy as a condition to obtaining funding of the purchase money loan, but the items listed above are virtually universal. If the parties do not draft the purchase contract to accommodate timely delivery of these items to lender, the chances of closing the transaction are greatly reduced.

Planning for Closing Costs

The closing process for commercial real estate transactions can be expensive. In addition to drafting the Purchase Contract to accommodate the documentary requirements of the Buyer’s lender, the Buyer and his advisors need to consider and adequately plan for the high cost of bringing a commercial real estate transaction from contract to closing. If competent Buyer’s counsel and competent lender’s counsel work together, each understanding what is required to be done to get the transaction closed, the cost of closing can be kept to a minimum, though it will undoubtedly remain substantial. It is not unusual for closing costs for a commercial real estate transaction with even typical closing issues to run thousands of dollars. Buyers must understand this and be prepared to accept it as a cost of doing business.

Sophisticated Buyers understand the costs involved in documenting and closing a commercial real estate transaction and factor them into the overall cost of the transaction, just as they do costs such as the agreed upon purchase price, real estate brokerage commissions, loan brokerage fees, loan commitment fees and the like.

Closing costs can constitute significant transaction expenses and must be factored into the Buyer’s business decision-making process in determining whether to proceed with a commercial real estate transaction. They are inescapable expenditures that add to Buyer’s cost of acquiring commercial real estate. They must be taken into account to determine the “true purchase price” to be paid by the Buyer to acquire any given project and to accurately calculate the anticipated yield on investment.

Some closing costs may be shifted to the Seller through custom or effective contract negotiation, but many will unavoidably fall on the Buyer. These can easily total tens of thousands of dollars in an even moderately sized commercial real estate transaction in the $1,000,000 to $5,000,000 price range. Costs often overlooked, but ever present, include title insurance with required lender endorsements, an ALTA Survey, environmental audit(s), a Site Improvements Inspection Report and, somewhat surprisingly, Buyers attorney’s fees.

For reasons that escape me, inexperienced Buyers of commercial real estate, and even some experienced Buyers, nearly always underestimate attorneys fees required in any given transaction. This is not because they are unpredictable, since the combined fees a Buyer must pay to its own attorney and to the Lender’s attorney typically aggregate around 1% of the Purchase Price. Perhaps it stems from wishful thinking associated with the customarily low attorney’s fees charged by attorneys handling residential real estate closings. In reality, the level of sophistication and the amount of specialized work required to fully investigate and document a transaction for a Buyer of commercial real estate makes comparisons with residential real estate transactions inappropriate. Sophisticated commercial real estate investors understand this. Less sophisticated commercial real estate buyers must learn how to properly budget this cost.

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[dilbinsten-blog]

Physical Damage Liability of Motorcycle Insurance Agency For Motorists

There are many different types of low-cost bicycle insurance deals to choose from, depending on what the motorcycle rider wants to insure and what he can afford. Where should you start? Personal injury quotes from motorcycle insurance policy for drivers You should first ask yourself if you have enough attention in the event of a road incident. In most states, general bicycle insurance law includes property damage liability and bodily injury liability insurance for motorcycle users. There are limits linked to the motorcycle liability insurance quote and bicycle insurance brokers often advise you to protect yourself to the maximum by buying the largest limits you can afford. The liability option covers others who cause harm. It does not normally cover you, passions or motor vehicles in any way. Property damage liability covers you if your motorcycle damages someone else's vehicle. It's usually your motorcycle, but it can be a fence, garage, or any other property damaged in a car accident. It is a great idea to buy enough of this bicycle insurance to cover the amount of damage your motorcycle could cause to another motorist. Part of personal injury liability at Bike Insurance Company Bodily injury liability coverage is mandatory in most states, but some no-fault states like Florida or Kansas do not require it. If required by the state or not, it is recommended to purchase this coverage and again with the highest limits you can afford. The bodily injury option protects others from bodily injury or death for which you are at fault. Drafting bodily injury bicycle insurance claims can be for issues such as Medicare bills, loss of wages, or pain and suffering. In the event of a serious conflict, you want an insurance pair to cover a claim against you in a lawsuit. Therefore, it is a winning idea (and generally an agency offer) to have the right level of coverage for all your mobiles. As we mentioned, there are exclusions for all states that require the option for bodily injury liability. For example, in Utah or New Jersey, drivers do not have to make a payment for this option under state law, unless they incur an injured car accident. So if they did, bodily injury liability would be covered if he was at fault in a car accident and the motorist in the other vehicle gets injuries above the personal injury coverage. Physical injury liability covers injuries to the human body only, and if you must find discounted motorcycle insurance rates for additional coverage, you should turn to an insurance dealer in your state. If you did not have this option, the other party has the right to sue and the state can impose material liability on your personal ticket, which must be charged for three years. That financial responsibility is known as SR22, or high-risk motorcycle insurance allowance for convicted drivers. So even in a state like New Jersey, where this quote is not required, it is much better to get it in the event of an accident with victims than not to do so and leaving you and your passengers at risk, in addition to being required have an SR-22 warranty. Personal Injury Budget for Uninsured and Underinsured Drivers Uninsured Biker Body Injury (UMBI) is the other treatment you may need to understand. The uninsured driver plan covers you if the other driver was at fault and you were injured and not insured. UMBI covers you and your passengers for personal injury, damage, or mortgage caused by an uninsured motorist at fault. If you are involved in a motorcycle accident in which the other person is at fault but does not have papers, your motorcycle insurance company will save your drug costs to the maximum in your agreement with the insurer. There are also Personal Injury for Insured Motorists (UNDUM) that covers you and your family for injuries, bicycle damage or death caused by the negligence of an underinsured driver. If you have a street accident with a man whose protection cannot cover your damages, your motorcycle insurance coverage will cover the difference up to the maximum declared liability limit. 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[berniesrevolution]

Ten years ago, on Saturday, September 13th, 2008, the world was about to end.

The New York Federal Reserve was a zoo. Imagine NASA headquarters on the day a giant asteroid careens into the atmosphere. That was the New York Fed: all hands on deck, peak human panic.

The crowd included future Treasury Secretary Timothy Geithner, then-Treasury Secretary (and former Goldman Sachs CEO) Hank Paulson, the representatives of multiple regulatory offices, and the CEOs of virtually every major bank in New York, each toting armies of bean counters and bankers.

The asteroid metaphor fit. In the twin collapses of top-five investment bank Lehman Brothers and insurance giant AIG, Wall Street saw a civilization-imperiling ball of debt hurtling its way.

The legend of that meeting, as immortalized in hagiographic reconstructions like Andrew Ross Sorkin’s Too Big to Fail, is that the tough-minded bank honchos found a way to scrape up just enough cash to steer the debt-comet off course.

In Too Big To Fail, the “superstar” chief of Goldman, Lloyd Blankfein, along with “smart” Jamie Dimon of Chase, “fighter” John Mack of Morgan Stanley, and other titans brokered the deal of deals, just in time to stave off a Mad Max scenario for us all.

The plan included a federal bailout of incompetent AIG, along with key mergers – Bank of America buying Merrill, Barclays swallowing the sinking hull of Lehman, etc.

With respect to the fine actors in the film, the legend is bull.

There are more accurate chronicles of the crisis period, including the just-released Financial Exposure by Elise Bean of the Senate Permanent Subcommittee on Investigations, probably the most aggressive crew of financial detectives who sifted through the rubble over the past 10 years. Bean’s account of what went on at banks like Goldman, HSBC, UBS and Washington Mutual is terrifying to read even now.

But history is written by the victors, and the banks that blew up the economy are somehow still winning the narrative. Persistent propaganda about what happened 10 years ago not only continues to warp news coverage, but contributed to a wide array of political consequences, including the election of Donald Trump.

The most persistent myths about 2008:

Myth#1: The crash was an accident

In the early days of the crash, reporters were told the crisis particulars were probably too complex for news audiences. But metaphors would do. And the operating metaphor for 2008 was a “thousand-year flood,” a rare and inexplicable accident – something that just sort of happened.

It was even implied that the meltdown was due in part to irrational panic, “hysteria,” a fear of fear itself. When Lehman Brothers failed, the theory held, investors overreacted by freezing all lending, causing more disruptions and more losses. The economy was basically healthy, but fear had caused it to founder on a lack of confidence.

In Too Big to Fail, William Hurt plays Treasury Secretary Paulson as a saddened, wearied Atlas. He quips, early in the mess: “This is a confidence game,” and if Lehman Brothers failed, “all the other banks are gonna drop like dominoes.”

Poor Cynthia Nixon, who plays Treasury spokesperson Michele Davis, is heard responding, “Congress won’t move until we’ve already hit the iceberg.”

The film flashes to Lehman’s Dick “The Gorilla“ Fuld (played by James Woods in kinetic perma-jerk mode), who contrasts their fears with his overconfident weather report:

“Real estate always comes back,” he snorts, smugly fixing his tux. “I’ve seen this before. CEOs panic and they sell out cheap… The street’s running around with its hair on fire, but the storm always passes.”

This colorful language – dominoes, a confidence game, an “iceberg,” a “storm” – artfully disguised reality. This wasn’t weather coming at them, but the consequences of years of untrammeled criminal fraud.

Banks like Lehman had lent billions to fly-by-night mortgage mills like Countrywide and New Century. Those firms in turn sent hordes of loan hustlers into lower-income neighborhoods offering magical deals to anyone who could “fog a mirror,” as former Countrywide executive Michael Winston once put it to me. The targets were frequently minorities and the elderly.

Tales of mortgage swindlers guzzling Red Bulls and handing out easy loans in all directions began showing up in news reports as early as 2005. “It was like a boiler room,” one agent told the Los Angeles Times. “You produce, you make a lot of money… There’s no real compassion or understanding of the position they’re putting their customers in.”

These mortgage mills dispensed with due diligence, rarely bothering to verify incomes, identification, even citizenship. The loans were designed to have short, fragile lives, like fruit flies. They had to stay viable just long enough to be sent back to Wall Street and resold to secondary buyers, who took the losses.

It was a classic Ponzi scheme. So long as new loans were created and sold faster than the old ones failed, the subprime market made everyone rich. But the minute the market started to swing back the other way, everyone knew they would all crash to earth, Wile E. Coyote-style.

Paulson knew as well as anyone. Treasury and the other regulators received ample warning. Take the Office of Thrift Supervision (OTS), a regulatory arm of Treasury that happened to oversee two of the worst basket-cases, Washington Mutual and AIG. According to Bean, the OTS observed and ignored more than 500 deficiencies in mortgage practices just at WaMu in the years before the crash.

Even the FBI – not exactly an on-the-ball financial regulator, certainly not to the degree that Treasury or the Fed is expected to be – had warned as far back as 2004 that so-called “liar’s loans” were “epidemic” and would cause a “financial crisis” if not addressed.

CNN told the public of the FBI warning of a “next S&L crisis,” going so far as to identify the top 10 “hot spots’ for mortgage fraud” in: Georgia, South Carolina, Florida, Michigan, Illinois, Missouri, California, Nevada, Utah and Colorado.

All places that would later be rocked by mass foreclosures.

It took longer to get a car wash than a home loan in those days. I had one mortgage broker in Florida tell me he used to look for customers on the way home from work at night, at the beer cooler at his neighborhood 7-Eleven. His pitch was, “Hey, buddy, you like where you’re living?”

The end of this party was no confidence game. This was gravity: what went way up, coming way down.

The captain of the Titanic ignored one day’s worth of iceberg warnings and went down in history as an all-time schmuck for it. History commends him only for the honorable act of going down with his ship.

The titans of Wall Street ignored at least four years of warnings, escaped richer than ever, and in the end were lauded as heroes by the likes of Sorkin.

Myth #2: The crash was caused by greedy homeowners

Too Big To Fail shows Fuld on a rant:

“People act like we’re crack dealers,” Fuld (James Woods) gripes. “Nobody put a gun to anybody’s head and said, ‘Hey, nimrod, buy a house you can’t afford. And you know what? While you’re at it, put a line of credit on that baby and buy yourself a boat.”

This argument is the Wall Street equivalent of Reagan’s famous Cadillac-driving “welfare queen” spiel, which today is universally recognized as asinine race rhetoric.

Were there masses of people pre-2008 buying houses they couldn’t afford? Hell yes. Were some of them speculators or “flippers” who were trying to game the bubble for profit? Sure.

Most weren’t like that – most were ordinary working people, or, worse, elderly folks encouraged to refinance and use their houses as ATMs – but there were some flippers in there, sure.

People pointing the finger at homeowners are asking the wrong questions. The right question is, why didn’t the Fulds of the world care if those “nimrods” couldn’t afford their loans?

The answer is, the game had nothing to do with whether or not the homeowner could pay. The homeowner was not the real mark. The real suckers were institutional customers like pensions, hedge funds and insurance companies, who invested in these mortgages.

(Continue Reading)

[communitylendinggroup-blog]

Why Get Utah Jumbo Loan to Finance Expensive Properties

https://medium.com/@communitylendinggroup2727/why-get-utah-jumbo-loan-to-finance-expensive-properties-2fc3ff9ed33c

To qualify for a jumbo loan, you need to have bigger cash reserves and a higher credit score among other things. Your jumbo loan limit generally depends upon how much your lender agrees to loan.