Finance
After a non-judicial trustee's sale in Utah, the borrower has a statutory right of redemption of:
A6 months
B12 months
C3 months
DNo statutory right of redemption after a non-judicial sale✓ Correct
Explanation
Utah does not provide a statutory right of redemption after a non-judicial (trustee's sale) foreclosure. Once the sale is completed, the borrower's interest in the property is extinguished.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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