Date of
Publication: March 25, 2009
The Timeline of a Foreclosure in Utah - Code § 57-1-23
Foreclosure law in Utah begins with Title 57 of the
Utah Code. The Utah Code contains all of the statutes in the
state of Utah. Title 57 covers the area of real estate.
Nearly all of the mortgages on real estate in Utah are not
really mortgages. Actually, they are usually deeds of trust. A
deed of trust is like a mortgage, but in Utah, the trustee does
not have to go to court to foreclose on your real estate. Let’s
start with the power of sale.
Section 57-1-23 states that a qualified trustee has the power of
sale by which the trustee may exercise and cause the trust
property to be sold in the manner provided in Sections 57-1-24
and 57-1-27 of the code. In order for the trustee to sell the
real estate, there must be a breach of an obligation for which
the trust property is conveyed as security.
Usually, the beneficiary of the deed of trust (your mortgage
company) elects to have the trustee schedule a sale of the real
estate when you have not made the payments on your loan.
The process begins according to Section 57-1-24 of the Utah Code
by the Trustee recording a Notice of Default against the
property. The Notice of Default is recorded at the county
recorder’s office.
Under subsection 3 of 57-1-24, the foreclosing trustee must wait
at least three (3) months after the recording of the Notice of
Default before the trustee shall give notice of sale as provided
in Sections 57-1-25 and 57-1-26.
This means that you have 90 days from the date the Notice of
Default is recorded before the Trustee can schedule your
foreclosure sale. On the 91st day, the Trustee gives written
notice of the time and place of Trustee’s sale of the real
estate by publishing the Notice of Trustee’s Sale in a newspaper
of general circulation at least three times once a week for
three consecutive weeks. Then, the real estate can be sold at
the Trustee’s sale. This is the timeline in Utah. {-}
If you or a member of your family needs the services of an experienced
Business attorney, please contact Jeremy Eveland at the law firm
of Eveland & Associates, PLLC. I am committed to helping you protect your company and your
personal assets
.