Lehi Utah Foreclosures
Foreclosure rates are at record heights across then nation and Lehi is no exception to the rule. While you're not always guaranteed a great deal on foreclosed property, many times these properties can be found at prices substantially lower than the normal cost.
The foreclosure process begins when a borrower is unable to make mortgage payments to the lender. When this occurs, the lender sends the borrower a Notice of Default (NOD). At this point the borrower still has the opportunity to make up missing payments or refinance. If the borrower cannot make up the missing payments, he often times at this point can sell the property under "short sale" status. This is a great time for an investor to step in and purchase, as competition will be minimal. In short sale, the bank forgives a portion of the debt and allows the home to be sold for less than what is owed. This eliminates the hassle and cost that a bank must go through if the foreclosure continues.
If a short sale does not occur, then the borrower is sent a Notice of Trustee Sale, which informs the borrower that the property will foreclose at a trustee sale in four weeks if the loan is not paid for. These trustee sales usually take place on the steps of the county seat. This is a public auction and anyone in the public may bid on the foreclosed property.
To search for pre-foreclosed properties in the MLS listings follow this link.
