utah foreclosure data

8/6/2019 Utah Foreclosure Data

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The Secret The Secret

The Real Money in Real Estate is Made The Real Money in Real Estate is Made!! ON THE FRONT END!ON THE FRONT END!

Buy it Right, below the Actual Current Retail MarketBuy it Right, below the Actual Current Retail Market Value. Then Decide if you want to sell it for a profit, Value. Then Decide if you want to sell it for a profit,

hold it as an investment to rent, or make it your ownhold it as an investment to rent, or make it your own

home.home.



ForeclosuresForeclosures

DisclaimerDisclaimer The information contained within is provided as a The information contained within is provided as ageneral overview of foreclosures and is not guaranteedgeneral overview of foreclosures and is not guaranteed

for accuracy. Any investor should do their own duefor accuracy. Any investor should do their own due

diligence. An accountant or attorney should bediligence. An accountant or attorney should be

contacted before making any investment decisions.contacted before making any investment decisions.



What is a Foreclosure? What is a Foreclosure?Foreclosure is the process for enforcing lender rights once theForeclosure is the process for enforcing lender rights once the

obligation secured by a deed of trust is inobligation secured by a deed of trust is in default.default.��

Who is involved? Who is involved?Simplistically, four people:Simplistically, four people: Trustor Trustor ² ² BorrowerBorrower

BeneficiaryBeneficiary ² ² LenderLender

Trustee Trustee ² ² Attorney, Escrow Agent to ensure the agreement Attorney, Escrow Agent to ensure the agreement

between the Trustor & Beneficiary is correctlybetween the Trustor & Beneficiary is correctly

carried outcarried out

Buyer of Foreclosed PropertiesBuyer of Foreclosed Properties




The note, deed of trust and information on the default areforwarded to the trustee.

The notice of default and other necessary documents are prepared.

The notice of default is then recorded and the foreclosure time linebegins.

What is the Process? What is the Process?


1. Initial Steps1. Initial Steps



A Trustee Sale Guaranty (TSG) is ordered from a title company.

The required 10 day and one month legal mailings are sent to the

borrower and the junior lien holders.

If the loan has not been reinstated or paid off within the three month

default period, the lender then authorizes the next step in the foreclosure proceedings.


2. Default Period2. Default Period



The trustee will prepare, record and arrange to post the notice of trustees

sale.

The notice of trustee·s sale must be published once a week for three

consecutive weeks in a newspaper of general circulation near the

property location.

The borrower or junior lien holder may reinstate the loan at any time upto five business days before the sale date.

If the loan has not been reinstated prior to five business days before the

sale, the beneficiary may demand that the entire unpaid obligation be

paid in full during that five day period.

3. Publication Period3. Publication Period




There are many reasons why a trustee·s sale may be postponed. As

an example, a bankruptcy or other legal proceedings may preventthe trustee from conducting the sale on the scheduled date.

The beneficiary is entitled to three separate postponements for their

own reasons. The beneficiary and the property owner can agree on

as many postponements as they wish. If there is a bankruptcy or

legal proceeding, the sale can be postponed as many times an

necessary to obtain a court order to allow the sale to take place.

If a sale is postponed for any reason, an announcement must be

made at the sale location as to the reason for the postponement as

well as the next sale date.


4. Postponement4. Postponement



5. The Trustee·s Sale5. The Trustee·s Sale The date of the trustees sale is established at the time of the Notice of Trustees Sale is The date of the trustees sale is established at the time of the Notice of Trustees Sale is

prepared. prepared.

The trustee·s sale is a public auction sale and is open to all qualified bidders. Bids are The trustee·s sale is a public auction sale and is open to all qualified bidders. Bids aremade orally and everyone who wants to bid must first qualify with the auctioneer bymade orally and everyone who wants to bid must first qualify with the auctioneer by

showing the amount and type of money intended to be used in the event of a successfulshowing the amount and type of money intended to be used in the event of a successful

bid.bid.

The Notice of Trustee·s Sales designates the type of funds required, usually cash, The Notice of Trustee·s Sales designates the type of funds required, usually cash,

cashier's check, or bank check. The acceptance of the bid is not final until the totalcashier's check, or bank check. The acceptance of the bid is not final until the totalamount is paid to the auctioneer by the highest bidder.amount is paid to the auctioneer by the highest bidder.

The beneficiary does not need any money to make the opening bid. However, if the The beneficiary does not need any money to make the opening bid. However, if the

lender plans to bid over the opening bid he must have enough money to pay thelender plans to bid over the opening bid he must have enough money to pay the

difference between the amount of his balance due in his final bid. The sale is completedifference between the amount of his balance due in his final bid. The sale is complete

when the highest bid is received and the auctioneer accepts and declares the property when the highest bid is received and the auctioneer accepts and declares the property

sold.sold.




6. Post Sale6. Post Sale A Trustees Deed Upon Sale is prepared after the sale is completed. This deed transfers A Trustees Deed Upon Sale is prepared after the sale is completed. This deed transfers

title to the successful bidder or beneficiary. The deed must be signed by the trustee,title to the successful bidder or beneficiary. The deed must be signed by the trustee,

acknowledged by a notary public and recorded. After the deed has been recorded it isacknowledged by a notary public and recorded. After the deed has been recorded it is

forwarded to the party who purchased the property at the Trustees Sale auction.forwarded to the party who purchased the property at the Trustees Sale auction.

There is no right of redemption after a trustee·s sale. The successful bidder is entitled to There is no right of redemption after a trustee·s sale. The successful bidder is entitled to

immediate possession of the property.immediate possession of the property.

The only exception is the right of the federal government (IRS) to redeem the property, if The only exception is the right of the federal government (IRS) to redeem the property, if

a federal tax lien has been recorded against the property and is subsequent (junior to) toa federal tax lien has been recorded against the property and is subsequent (junior to) to

the deed of trust being foreclosed. In this case, the government must reimburse thethe deed of trust being foreclosed. In this case, the government must reimburse thesuccessful bidder, with a full payoff with of the amount the bidder paid at auction, plussuccessful bidder, with a full payoff with of the amount the bidder paid at auction, plus

interest calculated for the period of the bidders ownership. Note: a senior lien by theinterest calculated for the period of the bidders ownership. Note: a senior lien by the

federal government must be satisfied like any other senior lien and does not becomefederal government must be satisfied like any other senior lien and does not become

discharged by a trustee·s sale.discharged by a trustee·s sale.

The federal government (IRS) redemption rights elapse four months after the Trustees The federal government (IRS) redemption rights elapse four months after the TrusteesSale. The state has no right of redemption.Sale. The state has no right of redemption.




7. Foreclosure and Trustee·s Sale Timeline7. Foreclosure and Trustee·s Sale TimelineDay Number

Day 1

Within 10 business days

After 3 months

25 days before the sale date




5 business days before the sale date

Sale date

Event

Record Notice of Default

Mail Notice of Default

Set Sale Date

Send notice of sale to IRS

Publish, post, mail Notice of Sale

Record Notice of Sale

Trustee cannot sell for 7 days after

expiration of court order

Right of borrower to reinstate ends

Sold at Trustee·s Sale




8. Remodel The Property8. Remodel The Property


9. List The Property9. List The Property

10. Sell The Property10. Sell The Property



The Foreclosure Problem! The Foreclosure Problem!


Here·s The ProblemHere·s The Problem There are so many foreclosure opportunities, you will quickly become There are so many foreclosure opportunities, you will quickly become

overwhelmed with data, records, and property information. Dataoverwhelmed with data, records, and property information. Data

services merely provide ´rawµ data. You need to analyze all of thatservices merely provide ´rawµ data. You need to analyze all of that

information. Your eyes will quickly begin to gloss over from theinformation. Your eyes will quickly begin to gloss over from the

reams of data you will have to read, sort, categorize, and finally,reams of data you will have to read, sort, categorize, and finally,

analyze and evaluate.analyze and evaluate.

The Natural barriers to foreclosure purchases are Knowledge The Natural barriers to foreclosure purchases are Knowledge ² ² Time Time

² ² MoneyMoney

The following is a breakdown of the activities involved in the The following is a breakdown of the activities involved in the

foreclosures processforeclosures process



ForeclosuresForeclosures The following is a breakdown of the activities involved in the The following is a breakdown of the activities involved in the

foreclosures processforeclosures process

Activity Total Time %

Find & Research 65%

Evaluate ² Bid ² Buy 11%

Remodel 15%

Accounting 2%

Sale 7%



ForeclosuresForeclosures There are many investors out there who have investment capital and There are many investors out there who have investment capital and

would love to buy a foreclosure property versus watching their nest would love to buy a foreclosure property versus watching their nest

egg dwindle away on Wall Street, or sit in a low interest bearingegg dwindle away on Wall Street, or sit in a low interest bearing

savings instrument.savings instrument.

Foreclosure sales are not done on credit. All sales require liquidForeclosure sales are not done on credit. All sales require liquid

capital to match the purchase price. Once you have successfullycapital to match the purchase price. Once you have successfully

identified a property, its risks, reward, and equity potential, you find itidentified a property, its risks, reward, and equity potential, you find it

to be a real deal, then,to buy it, you must step up and pay cash. Thisto be a real deal, then,to buy it, you must step up and pay cash. This

is where the money comes in, and is a large barrier to entry for most.is where the money comes in, and is a large barrier to entry for most.




Today Today

There are many reasons for loan defaults and foreclosures. Certainly There are many reasons for loan defaults and foreclosures. Certainly

the current economic slowdown has stretched some leveragedthe current economic slowdown has stretched some leveragedowners. But much of the activity has been caused by the currentowners. But much of the activity has been caused by the current

trend of no money down loans, programs such as Nehemiah andtrend of no money down loans, programs such as Nehemiah and

Neighborhood Gold, inflated appraisal values and the increased useNeighborhood Gold, inflated appraisal values and the increased use

of 2of 2ndnd mortgages. Deaths and divorces are also common culprits asmortgages. Deaths and divorces are also common culprits as

well as cash out re well as cash out re--fi·s.fi·s.



ForeclosuresForeclosures The trick in buying foreclosures is to quickly identify and focus your The trick in buying foreclosures is to quickly identify and focus your

time and energy on the real deals with real equity in them.time and energy on the real deals with real equity in them.

Have you ever wondered how some peopleHave you ever wondered how some people

always seem to show up in the right places andalways seem to show up in the right places and

make the right deals?make the right deals?

Knowledge is Power.Knowledge is Power.

Remember, the real money in real estate is made on the front end.Remember, the real money in real estate is made on the front end.

Buy it right, below the actual current retail market value. ThenBuy it right, below the actual current retail market value. Then

decide if you want to sell it for a profit, hold it for an investment todecide if you want to sell it for a profit, hold it for an investment to

rent, or make it your own home!rent, or make it your own home!



Our CompanyOur CompanyOur company has people who specialize in theOur company has people who specialize in the

ResearchResearch ² ² PurchasePurchase ² ² Remodel & Sale of foreclosedRemodel & Sale of foreclosed

properties. properties.

We will be the horsepower, searching and sifting We will be the horsepower, searching and sifting

through the endless mountains of foreclosure data,through the endless mountains of foreclosure data,

lists, records, market analysis, becoming your crystallists, records, market analysis, becoming your crystal

ball to quickly and easily identify properties whichball to quickly and easily identify properties whichcould yield potential equity. Properties that couldcould yield potential equity. Properties that could

make a nice profit. Properties Worth Buying.make a nice profit. Properties Worth Buying.



Our CompanyOur CompanyNow you can buy or participate in the equity potentialNow you can buy or participate in the equity potential

of foreclosure properties. Participate at significantof foreclosure properties. Participate at significant

discounts below their normal market values, withoutdiscounts below their normal market values, without

the countless hours of leg work, research, remodelingthe countless hours of leg work, research, remodelingand sale efforts needed to track down and qualify theand sale efforts needed to track down and qualify the

hundreds of foreclosure opportunities available.hundreds of foreclosure opportunities available.

Welcome to Welcome to

Utah Foreclosure Data.comUtah Foreclosure Data.com

utah foreclosure data

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