help stop foreclosure in Utah FAQ


Q: What is a Short Sale?errow
A: When someone owes more money on the property than its worth then the bank reduces what the amount is owed instead of foreclosing on the property.
Q: How does a short sale help stop foreclosure?aerow
A: Our overall goal here at SaveUtahHomes.com is to help you avoid foreclosure and protect your credit to ensure your future. Loss mitigation or short sale is the process and execution of an agreement between the mortgage provider(s) and the homeowner to permanently stop foreclosure proceedings. Your credit will be 50% better by doing loss mitigation rather than a foreclosure.
Q: How much is this going to cost me?aerow
A: NOTHING! We get paid by the bank when we are successful in working out a solution on your home. If we do not get your situation taken care of we do not get paid anything. You DO NOT have to pay any of our fees. AVOID any company that wants upfront fees paid by you. Any company that asks to be paid before they provide the service is a potential Red Flag.
Q. Why should I consider doing a short sale?aerow
A: There are several advantages for you to consider:
  • Avoid foreclosure and the possibility of a deficiency judgment.
  • Help preserve your credit rating.
  • You do not have to pay our fees.
  • Stress free because we will handle the complete process for you.
  • Friends, relatives and neighbors think that a traditional sale is happening rather than the bank taking back the property. This can help keep a level of privacy.
  • If you get foreclosed it could take up to 5 years before you are able to purchase a house again. With the short sale it could be less than 1 year. In addition, a foreclosure will hurt your ability to purchase anything on credit. You will have high interest car loans, credit cards, ect. The short sale typically will only effect your credit because of the late payments.
  • The bank will stop calling and harassing you.
  • You will have a fresh start!
  • Peace of mind knowing that someone is taking care of you!
Q: Can you help me if my home is trashy, run down, or in disrepair?aerow
A: We work with ALL types of houses! Any Condition, Any Location, and Any Price. Everything from a run-down old shack sliding off its foundation to multi-million dollar mansions that need no repairs at all.
Q: Are there any fees involved?aerow
A: NO! We do not charge any fees. After we successfully negotiate a short sale, the bank compensates our company.
Q: Am I under any obligation if I meet with you?aerow
A: No, there is absolutely no obligation. We answer any questions you have and provide a solution you will be happy with.
Q: I know someone behind on payments should I contact SaveUtahHomes.com?aerow
A: Absolutely! We help hundreds of homeowners behind on payments and have many solutions to offer.
Q: Do you pay a finders fee if I refer a friend that works with you?aerow
A: In some cases we will pay up to $100 for a referral. You will need to contact us directly to discuss the terms.
Q: OK, I'm ready to start the short sale!?aerow
A: Great! Complete the form or give us a call and we can get started 801-485-SAVE.
Q. Are there homes that don't qualify?aerow
A: NO. We can help all homes, townhomes, condos, duplex, triplex and 4 plexs and small commercial properties. The condition of the property does not matter: good condition, bad condition, partial fire damage, and even incomplete homes.
Q: Do I need to contact a Realtor?aerow
A: Our team is made up of a Real Estate Broker and two licensed Real Estate Agents that specialize in helping people in your very situation. Again it is not required that you move out of your home. During the short sale process You may be able to stay in your home.
Q: What are the Tax Consequences?aerow
A: Congress passed a mortgage forgiveness act. What it means is that while your lender may 1099 for the difference of what the property short sales for now with the mortgage forgiveness act you seek relief by being exempt for the difference of the tax consequences. You can read about it on the IRS main page or contact our offices to learn more.
Q: What if I get a 1099 from the lender?aerow
A: It is very simple. It is very unlikely that you will get a 1099 from your lender. However in the event that you receive one you will want to talk with your tax advisor and file an IRS form 982 Reduction of tax due to indebtedness In all cases we have known, this has taken away any responsibility for taxes. Please consult with your tax advisor.
Q: What is Foreclosure?aerow
A: Home foreclosure is a process in which a lender regains a property they have financed. The process typically occurs when the homeowner / borrower is behind on payments, often due to uncontrollable circumstances and no longer able to get caught up. There is a legal time frame which determines the length of the foreclosure process which varies from state to state. Once the lender takes action to proceed with a foreclosure, the homeowner is then forced to move from the home and loses all equity established.
Q: Do I have enough time to stop the foreclosure?aerow
A: If a foreclosure sale date has been set, you need to act immediately. Since time is a factor, your best option is to act now before it's too late. The faster you get in touch with us the better your chances are at saving your home.
Q:How long do I have to act?aerow
A: The process can take anywhere from a few weeks to several months depending on the method your lender(s) choose and your state laws. To ensure an agreement with your lender provider(s) that you can live with, time is of the essence and something you can't afford to waste. Call us today!
Q: WHAT CAN SaveUtahHomes.com TEAM DO FOR ME?aerow
A: There are several options available to help stop foreclosure but also to ensure your credit and your future. Call us today and with your FREE consultation, together we can discuss the best options for you, your family and your future.
Q: HOW DOES SaveUtahHomes.com HELP STOP FORECLOSURE?aerow
A: We specialize in creating the financial agreements between the financial institutions and you. With your help, we generate a detailed analysis of your current financial situation to determine your best options available. By working together with both you and your mortgage provider(s), we can customize the solutions to help meet your financial situation and specific needs.
Q: Should I negotiate with my lender provider(s) myself?aerow
A: NO, NO, NO! Only a certified and licensed professional should be working with your Lender. Keep in mind it is best to have someone that is accredited. We are the only Company in Utah accredited by the National Short Sale Organization.
Q: ONCE I COMPLETE THE PAPERWORK, HOW LONG DOES IT TAKE TO COMPLETE the process?aerow
A: The actual completion time varies. It can be as little as a few weeks to several months. There are many factors involved such as your financial institution and the stage of foreclosure.
Q:CAN YOU STILL HELP IF I'M CURRENTLY IN a BANKRUPTCY or need to File a Bankruptcy?aerow
A: Yes, we will work directly with your Attorney to complete the process in its entirety.
Q:DOES IT MATTER WHAT KIND OF LOAN I HAVE?aerow
A: No. We specialize in both government and non-government mortgages which means you can have a conventional loan, FHA, VA, Freddie Mac, Fannie Mae or Rural Administration loan and we can still help you.
Q: What if I have more than one loan on the property?aerow
A: We can help you no matter how many loans you have on the property. We can even help you if you have liens and other things that need to be paid on the property. Please make us aware of everything that is owed on your property so we can get it taken care for you.
Q:I'VE SPOKEN WITH MY MORTGAGE PROVIDER(S) AND THEY WANT ALL OF THEIR MONEY. CAN you still HELP ME?aerow
A: Yes. Many of our customers have already contacted their lenders and have hit a brick wall. We have developed and maintained a positive working relationship with the key contacts at the lending institutions. We have mitigated hundreds of successful short sale cases and will use our experience and connections to your advantage.
Q:SHOULD I JUST FILE FOR BANKRUPTCY?aerow
A: It seems like an easy way to deal with the situation but if you declare bankruptcy you will most likely end up with BOTH a bankruptcy and a foreclosure on your credit making it extremely difficult to obtain financing in the future. Statistics have shown that 96% of homeowners who have declared bankruptcy have lost their home to foreclosure anyway. Just because you have filed a Bankruptcy does not solve your housing problem; you will have to sell your home or repay the loan back.
Q: Why would my Lender want to allow a Short Sale to help me?aerow
A: The reason is simple: a short sale often has a better return on investment to the lender than a foreclosure. The average savings a lender sees from a short sale property compared with a foreclosure property is 50% or approximately $40,000. Not only does the lender receive this savings, they are also paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would in a foreclosure. Plus, lenders spend a great deal of money with attorneys to complete the foreclosure process. Lenders created the short sale process as a way that help stop foreclosure for those reasons. The incentives to perform a short sale on your property are in place to motivate you to participate.
Q: How successful and experienced is SaveUtahHomes.com at resolving short sales?aerow
A: We have over 19 years of experience in working with homeowners behind on payments. We have helped hundreds of homeowners solve their housing needs. We have a 90% approval rate. The average short sale company only gets 20% of their short sales approved. So we are 200% more successful than other average firms. Beware of anyone that claims to get a 100%... there is no way possible to complete every short sale. Why do we get more approvals? Because we have better trained, more experienced staff, and we are members of the National Short Sale Organization. This organization is dedicated to professionalism in working with homeowners and having successful short sales.
Q: Do I need to give you power of attorney?aerow
A: No, you should never give power of attorney for your property.
Q: What banks do you work with?aerow
A: We work with almost all banks in the nation. Please click here for the list.
Q: I still have questions!aerow
A: Contact us with your question and we will answer it as quickly as possible.
Q: OK, I'm ready to start the short sale!aerow
A: Great! Complete the form or give us a call and we can get started 801-485-SAVE.
Q: Why would a lender want to do a short sale?aerow
A: It is the bank’s best interest to do a short sale rather than foreclose. Here are some of the reasons:
  • It costs the lender money to foreclose on the property. They have to pay attorneys fees and costs. This can run as high as 40% of the loan amount for holding cost, attorney fees, real estate commissions, maintenance and repairs to the home. So if your loan is for $100,000 the bank would lose $40,000 if they foreclosed on your home. The average lender SAVES money when working with us versus doing a foreclosure.

  • When the lender is not getting paid back on their loan it is lost revenue. On average the lender will lose $18,000 on lost revenue in addition to the above losses.

  • HUD (Federal Government) promotes and supports short sales. Every lender is required to do loss mitigation which is short sales.

  • In fact, Former President George W. Bush while he was in office encouraged people to look at alternatives toforeclosure in his speech in New York.

  • Your lender in most cases has insurance that will pay them back from any loss they take. For example, if you owe the lender $100,000 and the lender only gets paid back $90,000; the third party insurance company will pay back the lender the loss of $10,000.
Q: How long will this take?aerow
A: It typically takes a few weeks to a few months for everything to work out with the bank. The good news is that you NEED to continue to live in the property while this is taking place. We recommend that you save as much money as you can while you are living there for free.
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