Utah Limits Time Within Which Banks May Seek a Deficiency After Short Sale | Foreclosure News | Foreclosure Attorney & Foreclosure Defense Information

For those of you in Utah and considering a short sale, this might sweeten the deal for you. On March 8, 2012, Utah enacted S.B. 42, which limits the time to three months after a short sale to seek a deficiency. Before S.B. 42, lenders had six years.

That means the bankers get three months in which they can sue you for a deficiency if you do a short sale. I think this makes a lot of sense — I think a lot of people feel like a short sale is a preferred option to simply walking away or losing the home to foreclosure, and once the three month period runs, they can get on with their lives.

By the way, if you are in Utah and need foreclosure help, or short sale help, talk to Utah foreclosure defense attorney Jonathan Jaussi, who is a regular contributor here on the site. You can visit his firm website at www.FreedomLegal.com or contact him here.

via foreclosureindustrynews.com