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Utah
Foreclosure Specialists
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Your
one stop connection for frequently asked questions regarding Utah
defaults and the process of Utah foreclosure law!
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Utah
Foreclosure Questions
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Below
is a list of terms commonly used in Real Estate, but are
often misunderstood.
The explanations
below will help you to understand these terms, and help
you become more familiar with their meanings.
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Quick Sell
Quick Sell
is a term used in different states to sell property quickly and
at an as-is price.
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Utah Foreclosure
Utah Foreclosure
is a company designed to meet the needs of the overextended homeowner.
This company is Utah based and specifically geared towards foreclosure
in Utah.
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Bankruptcy
Bankruptcy
is a term used to extinguish debt by the federal government, there
are new laws going into affect on oct 17th of 05 that will dramatically
change the way bankruptcy is handled and how real property is
sold and handled by the court trustees in the years to come.
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Real Estate
Foreclosure
Real Estate
foreclosure is the term used to identify that the underlying mortgage
holder is performing the default function of the deed of trust.
The deed of trust goes over the formula that the mortgage holder
is going to use to acquire the real property back that was pledged
originally as collateral for the mortgage loan.
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Short Sale
Short Sale
is a term used in the sale of property being sold at below the
borrowers principal balance. This short sale term is used commonly
to establish the lender going short of what is actually owed to
the underlying note holder. Short sales are used a lot in Utah
to liquidate property.
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Foreclosure
Realtor
Utah Realtor,
foreclosure specialist - a function performed by a licensed realtor
in the state of Utah. A foreclosure Realtor handles the liquidation
of the real property for a home owner. The real estate fees and
commissions generally are paid by the lender. With no out of pocket
expense for the home owner.
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Notice of
Default, Trustees Sale
A notice
of default is a document that is posted on the property itself
3 weeks, usually 21 days prior to the sheriffs sale or trustees
sale of a property at the courthouse steps. The home will be awarded
to the highest bidder, or may be retained by the note holder as
collateral this is known as bank owned.
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No Equity
No equity
is a term that means there is no equity in the home.
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Loss Mitigation
Loss mitigation
is a term used to negotiate the terms of selling short of the
amount owed to the lender. Most major mortgage services have a
loss mitigation dept.
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Multiple
Mortgages
Having multiple
mortgages means that there is more than one note affecting the
property. Most people do have a second mortgage.
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Copyright 2002 Utah Foreclosure Specialists |
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