Foreclosure Procedure - Utah

Timeframe: Statutory: 124 days
First Legal Action : Regarding Notice of Default
Mailing Service:
Notice of Default: Ten (10) days after recording
Notice of Sale: Twenty (20) days before sale Certified, Return Receipt
Publication: Once a week for 3 weeks - last pub must be at least 10 days before sale but not more than 30
Reinstatement: Within three (3) months of the Notice of Default recording
Postponements: Unlimited, but not to exceed forty-five (45) days from original sale date
Miscellaneous: Request copy of note
Deficiency Judgments after a non-judicial foreclosure sale: YES

Short Sale Marketing Materials Available

Sample postcard

MarketEase provides short sale marketing materials for real estate agents and investors around the Country. Contact Dan at www.MarketEase.com or call 801-527-2005 mention "ZOOM M.E." and receive a special discount.

Do I Qualify For A Short Sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Certified Distressed Property Expert (CDPE) - Press Release

RANDY COCHRANE EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Randy Cochrane, CEO of ZOOM! Loss Mitigation has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
More homes than ever are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Cochrane. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Randy with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information, please call 1-800-480-1917 or visit www.ZOOMLossMitigation.com.

Salt Lake City - One Out of Seven Homes for Sale are Short Sales

04 June 2009—

The Salt Lake Board of REALTORS reported that one out of every seven homes listed for sale or under contract in Salt Lake County is a short sale, a transaction in which the proceeds fall short of what is owed on the mortgage.

As of June 2, there were 7,643 homes and condominiums in Salt Lake County actively listed for sale or under contract. Of that number, roughly 15 percent (1,134 properties) were listed as a short sale (pending price approval or price approved). The number of short sales today is about double from what it was a year ago.

“Short sales can offer good deals for buyers, but it can take several months for a bank to approve a short sale,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS. “Buyers interested in purchasing a home in a short sale should do their homework by investigating the financial situation of the seller. Make sure that the seller and his/her agent have already talked with the lender. Ultimately, a short sale must be approved by the lender.”

According to a recent story in the Washington Post, “Lenders aren't in the business of accepting less than they are owed, and their paperwork machinery isn't even set up to work that way efficiently. Their approval of a short sale is always slow in coming – if it ever comes at all. You need to find out if the bank even has a clue that the seller is trying for such a deal.”

President Barack Obama last month announced incentives to encourage short sales under his new Foreclosure Alternative Program. Borrowers who qualify can receive up to $1,500 to help with relocation expenses and up to $1,000 toward the cost of paying junior lien holders to release their liens. In addition, lenders or servicers are eligible for $1,000 for the successful completion of a short sale or deed-in-lieu of foreclosure. This program is in effect through 2012.

by PR or News Wire

Short Sale Survival Kit

A Short Sale is a complex transaction that requires expertise. Our Short Sale Survival Kit can help save your homeowner from foreclosure!

Items enclosed:

- How to STOP a home from going to foreclosure
- Credit counseling information
- Credit repair information
- Loan Modification verses a Short Sale
- Answers to frequently ask short sale questions
- VIP Seller Recovery Program
- And more!

This FREE Survival Kit also includes a complimentary special report entitled - "Short Sale vs. Foreclosure - Homeowner Consequenses".

Don't wait...Order your Short Sale Survival Kit now!

Call 1-800-480-1917 to receive your free Short Sale Survival Kit or simply go to www.ShortSaleRecovery.com.