October 18, 2012 /24-7PressRelease/
-- Mixed News for Utah Homeowners in Mid-Year Foreclosure Reports
Foreclosure data from the first half of 2012 reveals both good news and bad for Utah homeowners. While foreclosures in Utah have dropped significantly since 2011, Utah still remains among the top 10 states in the nation for foreclosure activity, according to a recent report from foreclosure listing firm RealtyTrac Inc..
One in every 108 Utah homes is currently in some stage of the foreclosure process, RealtyTrac reported, or just under 1 percent. This is significantly higher than the national average of 0.73 percent, or one in every 126 homes. But while the foreclosure rate remains high in Utah, it is nevertheless improving -- and perhaps more quickly than in other areas of the country. Statewide, Utah foreclosure filings have dropped 21 percent since April 2011, compared to a nationwide decrease of only 14 percent during the same period.
State Laws Affect Length of Foreclosure Process
Although U.S. foreclosure rates have improved on the whole in recent months, foreclosure trends vary greatly from one state to the next. This is due in large part to variations in state laws that affect the foreclosure process itself. Roughly half the states, including Utah, use a non-judicial foreclosure process, which permits lenders to conduct foreclosures without approval from a judge, and thus relatively quickly.
In contrast, other states use a relatively slow judicial foreclosure process, which requires lenders to obtain permission from the court before foreclosing on a property. In Utah, for instance, the average foreclosure takes 313 days, compared to the national average of 348 days, according to National Public Radio. In New York, where foreclosures take the longest, the judicial process takes an average of 1019 days, or nearly three years.
These state-to-state differences have become even more dramatic recently in the wake of last year's "robo-signing" investigations, which caused foreclosures in many areas to be put on hold until a settlement was reached in early 2012. The delays led to massive accumulations of unprocessed foreclosures, resulting in even longer processing times in judicial states as lenders work through the backlog.
Help for Distressed Homeowners
Despite some encouraging signs recently, many homeowners in Utah and across the country are still struggling to make ends meet. If you are struggling with unmanageable debts and have concerns about losing your home to foreclosure, contact an experienced bankruptcy lawyer to learn about how bankruptcy may be able to help you keep your home and get out of debt.
Article provided by Enderton & Mathews, LLC
Visit us at http://www.emlegal.net/---
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