Understanding Real Estate Laws Regarding Evictions and Foreclosures
Real estate transactions are often quite complicated, involving a lot of fine details and small print. Despite the intricacies of these transactions, the state of Utah does not require a lawyer to be involved in real estate dealings. Unfortunately, this can lead to misunderstandings of leases or contracts, disputes, and the need for legal action down the line. The real estate attorneys at Froerer & Miles have handled cases involving all areas of commercial and residential real estate law. Whether an individual, family, or business is in need of legal real estate assistance, we can help. It is especially important to seek the legal advice of an experienced attorney when dealing with a significant real estate dispute, such as an eviction or foreclosure. Our attorneys are happy to discuss real estate law regarding evictions and foreclosures with our Ogden, UT clients to ensure that their rights are protected throughout these proceedings.
When a homeowner becomes delinquent on mortgage payments, it is likely that the lender will consider a foreclosure. A foreclosure allows the bank to evict the current homeowners and sell the property to prevent further financial losses. Facing an eviction can be a scary process and many homeowners are unsure how to deal with the situation. Working with an experienced real estate attorney is the best way to ensure that your legal rights are protected throughout the foreclosure process. If our attorneys are contacted right away, there is even a chance that we can prevent the foreclosure altogether. Our attorneys can contact lenders directly and attempt to find a solution that is beneficial to both the homeowner and the lender, and one that prevents property foreclosure. Below are some foreclosure alternatives that we may be able to negotiate:
- Loan modification: A loan modification modifies aspects of the loan (principle, interest, etc.) to make a mortgage payment more affordable for the homeowners.
- Forbearance agreement: This is an agreement that temporarily halts any legal actions against the homeowners. A forbearance agreement is appropriate when a mortgage becomes delinquent due to a short-term health or financial problem.
- Short sale: A short sale is often a good solution for a homeowner who is underwater on the property. This allows the homeowner to sell the property for less than the amount of their loan. The lender must agree to the short sale and has the final say on accepting any purchase offers.
- Deed-in-lieu of foreclosure: A deed-in-lieu of foreclosure is a situation in which the borrower voluntarily releases the deed to the bank to avoid foreclosure proceedings. This allows the borrower to release all or part of their debt responsibilities and saves the bank time and money in recouping the property.
Evictions are another common real estate dispute. There are laws in place protecting both property owners and the residents renting those properties. Our attorneys understand these laws and can represent a property owner or renter to ensure that eviction proceedings are followed correctly and that our client’s rights are protected. We can assist property owners in serving eviction notices, filing evictions with the court, and collecting any financial compensation that may be due from the rental agreement. At the same time, if a property owner is not following the legal eviction process, or if a renter is being unlawfully evicted, we can fight to prevent the eviction and allow our clients time to find new living arrangements.
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Real estate laws are complex and often lead to messy disputes. The best way to protect your rights throughout any real estate transaction is to work with an experienced real estate attorney, such as those at Froerer & Miles. If you have questions about buying or selling a property, or are dealing with an eviction or foreclosure, we can help. Schedule an appointment at your earliest convenience to discuss the details of your situation with one of our attorneys.