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Foreclosure Process

When a homeowner stops making payments on their mortgage they get a notice in the mail that they are in default called a NOD or notice of default.

  The NOD is a public notice and can be found on the Washington County’s website (washco.utah.gov). Real estate agents who do short sales will look up these NODs and contact the homeowners in an attempt to help the homeowners avoid having a foreclosure. A foreclosure can prevent the homeowner from buying a home for seven to ten years. With a short sale they can buy another home in as little as three years.

When the homeowner is a minimum of three months behind, and a short sale has not stopped the process, they will get a notice of trustee's sale. This notice of trustee's sale is given with a minimum of 30 days notice of the sale. This notice of trustee’s sale is published in the paper and taped to the front door or garage of the house. These notice of trustee's sale can also be found here at utahleagales.com.

  The trustee's sale is an auction held on the courthouse steps. The trustee conducts the auction. The beneficiary is the lender. The beneficiary starts the bidding. This starting bid can usually be found on the trustee's website. The trustee, if instructed, can bid on the property on behalf of the beneficiary. If the beneficiary has the winning bid on the distressed property it may sit vacant for months or be turned over to an REO real estate agent to sell as a foreclosed property (also “foreclosure”).

 If someone else has the winning bid, they must immediately pay five or   twenty thousand dollars, depending on the terms of trustee’s notice, with the balance due within twenty-four hours.

If you would like to know how you can take advantage of this process contact an agent with myStG.


Prime National Credit Repair

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Jared Barnes