Legal Question in Real Estate Law in Utah

Re: potential forcosure

You need to talk to the mortgage company and see if they will accept less than the full payment. Generally, they do not accept less. The steps are

1) The mortgage co declares the loan in default: 2) Notice of default is file with the county recorder; 3) Notice of sale is posted; 4) The foreclosure sale is held; 5) If you have not vacated you are then evicted. The process takes 3-6 months typically.

Re: potential forcosure

Unless you make a specific arrangement with your mortgage holder to accept partial payments, your suggested partial payments will not delay whatever action may be on the horizon. Without a prior agreement they will probably reject the payment altogether.

Mortgagees typically send out a default notice (and demand for payment of the entire remaining balance owed on the mortgage) after one missed payment. Thereafter it depends on the aggressiveness of the creditor in pursuing foreclosure, but typically the entire process will take six to 12 months from the time the last full payment was made, and could be stretched out longer by various means, such as agreement or bankruptcy filing.