Utah Foreclosure Laws
Attorney General's Office
236 State Capitol
Salt Lake City, UT 84114
Ph: (801) 538-1015
Fax: (801) 538-1121
Foreclosure Laws in Utah
Judicial Foreclosure: Yes
Non-Judicial Foreclosure: Yes
Security Instruments: Trust Deed / Mortgage
Right of Redemption: Court's Discretion
Deficiency Judgments: Yes
Time Frame: Varies
Public Notice: Notice of Default
Judicial foreclosure: The lender files a complaint against the
borrower in a court within the county in which the property is located. The court
will allow the borrower a set time to cure the default. If the borrower fails to
do so, the court must issue a decree of sale before the actual foreclosure can proceed.
Non-judicial foreclosure: Used when the loan document contains
a power of sale clause that pre-authorizes the lender to sell the property in the
event of the borrower’s default.
If the power of sale clause includes the time, place, and terms of sale, that procedure
must be followed. Otherwise the procedure is as follows:
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A notice of sale must be published for three consecutive weeks in a newspaper of
general circulation, with the last publication no less than ten days and no more
than thirty days before the date of sale. The notice must also be posted conspicuously
on the subject property and at the county recorder’s office.
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Public posting must be done at least twenty days prior to the sale. The notice must
include the place and time of sale, and the sale must take place between 8 AM and
4 PM.
Right of redemption: May be granted by the court, with the length
of time to redeem set at the court’s discretion on a case by case basis. There is
no statutory length of the redemption period.
Deficiency judgment: Such judgments may be granted by the court,
and the lender has the right to seize and hold the property until the difference
between the foreclosure sale price and the loan balance is paid.
Laws:
