Utah Code 57-28-304. Foreclosure
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(1) Except as provided in Subsection (2), before a person initiates foreclosure proceedings on a reverse mortgage, the person shall:
Terms Used In Utah Code 57-28-304
- 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.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(1)(a) send the borrower, by certified mail, return receipt requested, written notice that states the grounds for default and foreclosure; and(1)(b) provide the borrower at least 30 days after the day on which the person sends the notice described in Subsection (1)(a) to cure the borrower’s default.
(2) This section does not apply if the borrower is deceased.