November 02, 2012 /24-7PressRelease/
-- Foreclosure Filings Down in Utah and Other Non-Judicial States
In Utah and across much of the United States, recent foreclosure statistics have shown some improvement when compared to this time last year. The states showing improvement, though, appear to be primarily those with non-judicial foreclosure processes. In contrast, many judicial states have actually seen a rise in the number of foreclosure filings in the past months.
Judicial states are those in which courts must approve foreclosures. In many of those states, the foreclosure process slowed dramatically last year, in the midst of claims that mortgage lenders were proceeding with foreclosures, even if they did not conduct proper verification of the documents. As a result of these claims, the process was slowed down, resulting in a backlog of cases that had yet to be handled. Those judicial states have recently seen a rise in the number of foreclosures because of this earlier slowdown.
Conversely, most non-judicial states, where courts are not required to be a part of the process, did not experience such a slowdown. As a result, they did not accumulate a large backlog of cases, and have since not seen a rise in the number of foreclosures.
While experts believe the rate of foreclosures will continue to fall slowly, they have also stated that it is likely this disparity between states will continue to be seen. The difference between judicial and non-judicial states' foreclosure rates will likely continue to be prominent as the housing market recovers.
In total, 99,405 homes in the U.S. began the foreclosure process in August 2012. Although this figure represents a 1 percent increase from July 2012, it is a 13 percent decrease from August 2011. Foreclosure filings have slowed dramatically -- at the highest point, there were approximately 203,000 in April 2009.
In addition, the number of homes in which the foreclosure process was completed fell in August 2012. In total, 52,380 homes were foreclosed upon during that month, a 19 percent decline from August 2011.
Utah Foreclosure Rates
Utah is a non-judicial state when it comes to foreclosures. In other words, courts are not required to approve every foreclosure in the state. In Utah, if a lender wishes to start the foreclosure process, it must submit a notice of default with the county and mail a copy of the notice to the homeowner. The homeowner then has three months to pay the amount owed.
If the homeowner is unable to do so, the lender is required to publish a notice of sale on the property and at the county recorder for at least 20 days. The lender must also publish a notice in the local paper announcing the sale every week for three consecutive weeks. If the homeowner takes no action, the sale may then proceed.
In Utah, the number of foreclosure filings in August 2012 was down from August 2011, but up from July 2012. RealtyTrac reported that the foreclosure process began in one out of every 911 homes in Utah in August 2012 -- a 29 percent drop from August 2011, but a 41 percent increase from July 2012.
Prevent Foreclosure by Filing for Chapter 13 Bankruptcy
If you have been struggling to make your mortgage payments, you do not need to resign yourself to the perceived inevitability of your home going into foreclosure. Filing for Chapter 13 bankruptcy halts the foreclosure process and can allow you to remain in your home.
Under Chapter 13 bankruptcy, you are provided with a period of time to repay the amount owed on your mortgage or a portion of that amount, typically over three or five years. Consulting with a skilled bankruptcy attorney will provide you with the answers you need as to whether Chapter 13 bankruptcy is the appropriate option for you.
Article provided by Brandon L. Baker, Attorney at Law, P.C.
Visit us at http://www.bbakerlaw.com---
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