Finance
In a Utah deed of trust foreclosure, the trustee's sale (non-judicial foreclosure) requires a minimum notice period of:
A30 days
B60 days
C90 days✓ Correct
D120 days
Explanation
Utah's non-judicial foreclosure process requires at least 90 days' notice before the trustee's sale can occur. This notice period allows the borrower time to cure the default or arrange alternative solutions.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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