When a lender forecloses on a mortgage and sells the property, it sometimes happens that the sale price does not cover the entire mortgaged amount. For example, you owe the bank $250,000 but the home only sells for $200,000 at auction. The $50,000 difference is called a deficiency. Utah is a state that allows lenders to launch a deficiency action against you for the outstanding amount, although they must do so Read More

Loan modifications are changes made to an existing loan’s terms beyond the specifications of the original agreement. With mortgages, loan modifications are often used to help homeowners catch up on their obligations and avoid foreclosure. Examples include: Reducing the interest rate Reduce the amount of the principal Extend the terms of the loan Apply a cap to monthly payments Homesaver Read More

The Real Estate Settlement and Procedures Act, or RESPA for short, is a federal law designed to protect aspiring homeowners and enable them to make better, more informed purchasing decisions. It impacts anyone who is buying a home or working in a field involving residential property transactions, such as: Mortgage brokers and lenders Real estate brokers or agents Builders and developers Title Read More