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Terms Used In Utah Code 57-28-301

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

     This part is known as “Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default.”