Legal Question in Real Estate Law in Utah

After Foreclosure ... then what?

I am in default of my home loan and my home in scheduled to be auctioned on January 22.

When do I have to be out of the property.

Is there a lawyer in the Salt lake are that can provide a bit of one-on-one time with me re: my foreclosure situtation for a really, REALLY nominal fee? Obviously money is very limited.

thanks


Asked on 1/01/03, 1:34 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: After Foreclosure ... then what?

You should plan on being gone on the date of sale. After that date the new owner can have you evicted. Generally, the new buyer will give you written notice to vacate - and about 3 days to pack and leave.

You may be able to postpone the date of sale by filing bankruptcy. You may want to talk to a bankruptcy attorney about your situation. One good reason for filing bankruptcy is that if your house sells for less than the amount owed on it, the bank can sue you for the difference (called the deficiency) which in some cases can be a lot of money. The bankruptcy would allow you a litte more time in the house, and eliminate your risk of the deficiency.

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Answered on 1/01/03, 9:24 pm


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