The following is a generalized breakdown of the foreclosure process.
The process of a lender seizing a property after the homeowner does not make his/her princple payments.
Start- Lenders cannot start the foreclosure process until a homeowner is at least 90 days behind in mortgage payments. This is the MINIMUM time frame.
90 days- Once a property is 90 days behind in payments a lender can file a NOTICE OF DEFAULT (NOD). This is a public record that notifies the homeowner of the lender's intention to foreclose
180 days- Once a lender files a NOD, they lender can complete the foreclosure sale 90 days after. Again, the minimum amount of time. Every lender works within different time frames.
FORECLOSURE SALE- Once the property has had a notice of default filed, the additional 90 days has passed, the lender can opt to sell the property at a foreclosure sale. In Utah, this is a trustee sale. The property is literaly auctioned at court house to the highest bidder. If there are no bidders, the lien holder will then purchase the property back at auction. Once that occurs, the lender will assign an asset manager to take care of occupancy with the property/asset.