57-28-304. Foreclosure.
| (1) |
Except as provided in Subsection (2), before a person initiates foreclosure proceedings on a reverse mortgage, the person shall:
Terms Used In Utah Code 57-28-304- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means :Utah Code 68-3-12.5
| (a) |
send the borrower, by certified mail, return receipt requested, written notice that states the grounds for default and foreclosure; and |
| (b) |
provide the borrower at least 30 days after the day on which the person sends the notice described in Subsection (1)(a) to cure the borrower’s default. |
|
| (2) |
This section does not apply if the borrower is deceased. |
Amended by Chapter 385, 2023 General Session
