American Fork is a city in north-central Utah County, Utah, United States, at the foot of Mount Timpanogos in the Wasatch Range, north of Utah Lake. It is part of the Provo–Orem Metropolitan Statistical Area. The population was 32,519 in 2018, representing a nearly 20% growth since the 2000 census. The city has grown rapidly since the 1970s. The area around Utah Lake was used as a seasonal hunting and fishing ground by the Ute Indians. American Fork was settled in 1850 by Mormon pioneers, and incorporated as Lake City in 1852. The first settlers were Arza Adams,[8] followed by Stephen Chipman (grandfather of Stephen L. Chipman, a prominent citizen around the start of the 20th Century), Ira Eldredge, John Eldredge and their families. The first settlers of American Fork lived in scattered conditions along the American Fork River.
By the 1850s, tension between the settlers and Native Americans was increasing. In 1853, Daniel H. Wells, the head of the Nauvoo Legion (the Utah Territorial Militia at the time), instructed settlers to move into specific forts. At a meeting on July 23, 1853, at the schoolhouse in American Fork, Lorenzo Snow and Parley P. Pratt convinced the settlers to follow Wells’ directions and all move together into a central fort. A fort was built of 37 acres (150,000 m2) to which the settlers located. Only parts of the wall were built to eight feet high, and none were built to the original plan of twelve feet high. Settlers changed the name from Lake City to American Fork in 1860. It was renamed after the American Fork River which runs through the city, as well as to avoid confusion with Salt Lake City. Most residents were farmers and merchants during its early history. By the 1860s, American Fork had established a public school, making it the first community in the territory of Utah to offer public education to its citizens. In the 1870s, American Fork served as a rail access point for mining activities in American Fork Canyon. American Fork had “a literal social feud” with the town of Lehi due to the Utah Sugar Company choosing Lehi as the factory building site in 1890, instead of American Fork. There were several mercantile businesses in American Fork, such as the American Fork Co-operative Association and Chipman Mercantile. For several decades in the 1900s, raising chickens (and eggs) was an important industry in the city. In 1892, Joseph Forbes organized the schools in American Fork, and the Forbes school is named after him.
During World War II the town population expanded when the Columbia Steel plant was built. An annual summer celebration in the city is still called “Steel Days” in honor of the economic importance of the mill, which closed in November 2001. The steel mill was located approximately six miles (10 km) southeast from town, on land on the east shore of Utah Lake. American Fork built a city hospital in 1937. A new facility was built in 1950, which was sold to Intermountain Healthcare in 1977, which in turn replaced that hospital with a new facility in 1980. The 1992 film The Sandlot was mostly filmed on the Wasatch Front. The carnival scene was filmed in American Fork on State Street by Robinson Park. Several scenes from the 1984 movie Footloose were also filmed in American Fork, including the opening scene inside the church, the front porch scene with Kevin Bacon and his family, and the gas station scene in which Bacon refuels his Volkswagen.
Why Use a Foreclosure Defense Attorney?
Helping Homeowners Avoid Foreclosure – The market is officially saturated with self proclaimed “foreclosure rescue consultants” and dozens of companies seeking to grab money from financially distressed families who are in a panic. To make matters worse, several entities calling themselves law firms or legal groups have become glorified processing centers and illegal partnerships, where clients don’t even speak to a lawyer. Who can you trust from start to finish? What if the lender doesn’t approve your request? A licensed attorney can help you execute any and every option available. The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Utah 6% of all the mortgages are facing foreclosure proceedings.
Options for Homeowners to Avoid Foreclosure
The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:
Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.
Short Sale
Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.
Refinancing
Utah real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is amply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings. The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. A foreclosure is forced sale of home or property by a financial institution such as a bank or mortgage company. Unless you paid for your property in full (cash) at the time of purchase, most property owners use a 3rd party to provide the additional funds to complete the sale. As a result, the owner is obligated to repay the monies borrowed this is called a mortgage. When a property owner fails to make payments as part of the loan agreement for their mortgage, the bank or other lien holder may begin foreclosure proceedings to take possession of the property to satisfy the debt owed to them. Many mortgages have an acceleration clause in the mortgage’s promissory note. This feature can often trigger a premature foreclosure action. The acceleration clause permits the bank or mortgage holder to declare the whole loan due if the property owner misses a specified number of mortgage payments. Usually, the property owner must be provided with sufficient notice before the lending institution can invoke the acceleration clause.
The foreclosure process is a lawsuit brought by the bank or lender to force the sale of property to satisfy the outstanding debt. In most instances, the court will order a sale of the property after deciding the actual balance due on the mortgage (this includes accrued interest). The proceeds of the sale of your property will then apply to the outstanding debt. If the value of your property is less than the outstanding debt, you may still owe the lending institution for the remainder, depending on the terms of the original loan. As the owner, you have the right to pay the bank off before the foreclosure sale in order to keep your property. If you think you may default on your mortgage and fear that you may lose your property through foreclosure, an experienced lawyer may help you determine what other options available to you, including filing for bankruptcy. An attorney can also represent you in a foreclosure proceeding to make certain your interests and rights are protected.
Foreclosure Process
The foreclosure process varies from state to state, but the process is generally very straightforward and typically lasts up to 6 months. The process depends on whether the foreclosure is a judicial sale or a non-judicial sale.
• Pre-Foreclosure: After the property owner fails to make two to three mortgage payments (30-60 days), the property is considered to be in pre-foreclosure. When the property is in pre-foreclosure, lenders will usually send a demand letter demanding full and immediate payment of the loan, plus any legal and late fees incurred. The homeowner has 30 days to make the payments on the debt owed or the foreclosure process will be initiated.
• Notice of Default: After 90 days of non-payment by the property owner, the foreclosure process enters into the legal process. A bank will issue a notice of default to a local sheriff to deliver to the property owner. The notice of default will be recorded by the government agency and a date will be selected for a foreclosure auction. A notice of default also paves way for investors and other homeowners to consult a short sale on the property.
• Foreclosure Auction: A public foreclosure auction will take place and the property may be sold at the auction to the highest bidder. The lender issuing the default can also purchase the property and sell it independently in a private sale. At this time, the homeowner must vacate the property or an unlawful detainer will be filed to evict the homeowner if he or she is still living on the property after the sale.
• Post-Foreclosure: If proceeds of the sale are insufficient to satisfy the debt being foreclosed on, the lender can bring personal action on the homeowner borrower for the deficiency. In some states, the borrower may have a right to redeem after a foreclosure by paying the entire sale price.
• Right of Redemption: Anytime prior to a foreclosure sale, the homeowner or mortgagor may redeem the property by paying the amount due. This is known as the right of redemption. If the mortgage contains an acceleration clause, the full balance on the mortgage must be paid in order for the homeowner to redeem.
Do I Need a Foreclosure Attorney?
A real estate attorney can help you in many ways throughout the process. An attorney will not only defend you in the foreclosure proceeding, but will also work with your lender to figure out alternatives which may help you remain in your home. You should speak with an attorney regarding your foreclosure situation in order to determine your possible courses of action. A real estate lawyer can provide valuable legal information as well as representation in a court of law should a lawsuit become necessary. Contact a lawyer to learn more about your state’s foreclosure laws.
Can Foreclosure Be Stopped Once the Bank Initiates It?
Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.
Mortgage Modification
You can avoid foreclosure by modifying your mortgage loan agreement with your lender. Your options include refinancing your debt, reducing your interest rate and/or extending the length of your mortgage term. This will reduce your monthly loan payments and help you avoid foreclosure. To qualify, you must prove to your lender that your net income has been reduced significantly since the time you signed the loan. In most cases you will have to pay a lender fee, which will usually be included in your new loan payment plan.
Partial Claim
Another option to avoid foreclosure is to seek a one-time interest-free loan from HUD. The department charges lenders a fee to use its services and to receive an advance loan in order to make your loan current. To qualify, you must prove that your current financial situation is solvent and sign a promissory note with your lender stating that you will repay your loan over time. Your lender will have a lien on your house until you repay your loan.
Special Forbearance
Your lender may agree to special forbearance–to temporarily reduce or stop your monthly payments–while it works with you to create a new mortgage repayment plan. You need to prove that you lost your job or main source of income and/or you are experiencing unexpected monthly expenses. After this period, your lender will require you to start making higher payments (usually 1 1/2 times your original amount) for a certain period until your loan is current.
Chapter 13 Bankruptcy
As a last resort, you can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to meet with your creditors, including your mortgage lender, to work out a repayment plan. Once a payment plan is created, it is important to make sure you make all payments as agreed upon to avoid foreclosure. On the other hand, Chapter 7 bankruptcy only delays the foreclosure process by putting an “automatic stay” against your bank for a certain period deemed fit by the court. Since your bank is a secured creditor, at some point the bank will be granted a “relief from automatic stay” and the foreclosure process will continue.
Foreclosure Attorney
When you need legal help with a foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you!
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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