Finance
In Utah, a deed of trust foreclosure notice of default must typically be recorded before the trustee's sale by at least:
A30 days
B90 days✓ Correct
C60 days
D120 days
Explanation
In Utah, the trustee must record a notice of default and wait at least 90 days before proceeding with the trustee's sale. This gives the borrower time to cure the default.
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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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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