If you are a borrower in foreclosure, please see the question and answer page located under the "Borrowers" section.

Q. How does the basic foreclosure process work?

A. The foreclosure process is generally commenced when the borrower becomes delinquent. Delinquent status depends on the terms of the Note, the lender's internal policies and the requirements of any investor. Generally, the foreclosure is commenced when a loan becomes three months delinquent. The foreclosure process generally begins by the holder of the Note appointing a trustee to file a Notice of Default with the county recorder of the county where the property is located. From the date of the filing of the notice of default, the borrower has 3 months to reinstate or payoff the loan. At the conclusion of the 3 month reinstatement period, if the loan has not been brought current, a foreclosure sale is set. A Notice of Trustee's Sale is sent to the borrowers and posted on the property. It is also posted at the County Recorder's Office of the county where the property is located and published in a newspaper having general circulation in the county. The actual foreclosure sale is held at the time and place specified on the Notice of Trustee's Sale, generally an active county courthouse* of the county where the property is located. The trustee appointed by the note holder, or an attorney representing the trustee, conducts the foreclosure sale. *Some county courthouses are historical. Foreclosure sales are not held at these sites. The minimum bid on the property is set by the lender foreclosing and is made available by our office, once we have received it from the lender, on this web site under the heading of Foreclosure Bids and Sales Results. Generally our office receives bids the week of the sale. The attorney conducting the foreclosure sale will purchase the property on behalf of the lender, if no bid higher than the minimum bid is presented. If there is competitive bidding, the property is sold to the highest bidder. The successful bidder must deliver $5,000 in the form of a cashiers check, wire transfer or money order at the time of the sale to the trustee or attorney conducting the sale. The balance of the purchase price, in the same form, must be received in our office by noon the following day.

Q. How do I make a bid on a property in foreclosure?

A. Bidding takes place at the time of the public auction. In order to bid, you must have $5,000 in the form of a cashier's check, wire transfer or money order. Personal checks, trust checks and cash are not acceptable. The cashier's check or money order should be made payable to Lundberg & Associates or endorsed in that manner. The lender foreclosing on the property determines the minimum bid. To check for minimum bid amounts, click on the icon for Foreclosure Bids and Sales Results located on this web site then click on this week's sales and scroll down to the date of the foreclosure sale.

Q. Where do the foreclosure sales take place?

A. Foreclosure sales are generally held at the active county courthouse of the county where the property in foreclosure is located. The location of the sale will be specified on the Notice of Trustee's Sale, which will be published in a newspaper of general circulation in the county in which the property being foreclosed is located.

Q. Where do you publish the Notices of Default and the Notices of Trustee's Sales?

A. The publications we generally use for publishing legal notices are listed by county below:

Q. I am interested in purchasing foreclosure properties to earn extra income. Can you tell me how to get started?

A. Our office is unable to provide you with advice on this.

Q. How do I find out the starting bid for a property going to sell?

A. See the section on this web page called Foreclosure Bids and Sales Results. Please note that the lender foreclosing on the property provides the minimum bid. Generally the minimum bid is not available until the week of the sale, and may not be available until the day before or morning of the sale.

Q. May I contact the lender to get the minimum bid from it?

A. Calls to the lender regarding foreclosures are generally directed to our office for handling. The bid amounts on our web page are updated several times a day.

Q. How does a foreclosure sale work?

A. An attorney representing the trustee will conduct the sale at the time and place specified on the Notice of Trustee's Sale. The bidding will begin at the minimum amount set by the lender. If no one bids that amount, the attorney will then sell the property to the lender foreclosing on the property for the minimum bid. If there are other interested parties, competitive bidding takes place. When the highest bid has been reached, the person who made that bid must give to the attorney a $5,000 cashier's check, certified funds or money order. Cash or personal checks are never accepted. Certified funds (no cash or personal checks) for the remainder of the purchase amount must be received in our office within 24 hours.

Q. Can I purchase a foreclosure property before it goes to foreclosure sale?

A. Yes, it is possible to purchase a property while it is in foreclosure, but the purchase must be negotiated with the current owners of the property. Until the lender holding the note actually purchases the property at a foreclosure sale, it is not in title and, therefore, cannot sell the property.

Q. Can you give me the borrower's name, phone number or current address so I can contact them about purchasing their house or offering them a high-risk loan?

A. No. We generally do not have information other than the property address. If we do have additional information it is considered confidential. We do not condone contacting individuals who are in foreclosure.

Q. Can I make arrangements to tour the inside of a property in foreclosure?

A. Not through our office. The property belongs to the current owner until the property is actually sold at a foreclosure sale. Neither the lender holding the note nor our office has the ability to arrange nor condone anyone entering the property whether or not it is occupied.

Q. If I purchase a foreclosed property at the foreclosure sale, will I be guaranteed clear title?

A. No. We do not guarantee nor represent title quality. Our office does not provide any title information.

Q. How can I check to see if a property has clear title?

A. You may choose to hire a title company or an attorney. If you decide to do your own research, you will need to find out how that is done on your own and assume the associated risk.

Q. If I purchase a property at a foreclosure sale, how will I get on title?

A. Once certified funds for the purchase amount have been received by our office, a Trustee's Deed will be issued to the successful bidder and title will be listed as specified by the successful bidder at the foreclosure sale.

Q. Can you give me the name and phone number of the lender on the note?

A. No. Our client information is protected by attorney/client privilege. We do not divulge that information unless instructed by our client. In most cases, if you contact the lender directly, they will refer you back to our office.

Q. Can I purchase the loan in foreclosure from the lender?

A. It is possible. However, most lenders have a policy against selling loans to individuals.

Q. How do I find out how much is owing on a foreclosure property or its appraised value?

A. The principal balance owing on a loan at the time that it went into foreclosure may be found on the Notice of Default that was recorded at the County Recorder's Office in the county where the property is located. This amount reflects the principal of the debt secured by the property, not necessarily the total amount due or the value of the property. Appraisal values are not available through our office. The payoff amount is confidential information and cannot be released without authorization from the borrowers on the loan. Our office will not give you information over the phone, even if it is public record.

Q. Where can I find the property address or legal description?

A. At the county recorder's office. Also, that information is in the Notice of Trustee Sale which is posted at the county recorder's office and published.

Q. What is the bidder's list and how can I sign up to receive it?

A. The bidder's list is a weekly list of the upcoming foreclosures that our office is handling and contains information regarding the loan. Although the information provided is available in the public record, this list is more convenient and timely than searching each recorder's office. The packets are emailed out every Friday afternoon.

The information is mailed the week of the first publication so the sales will be held approximately three to five weeks after you receive your packet.

The cost is $50.00 for four consecutive weeks of packets e-mailed to one e-mail address. If you request that the packets be mailed, the cost is $100.00.  Send a check payable to Lundberg & Associates attention Melissa, 3269 South Main Street, Salt Lake City, UT 84115, along with either your email address or your mailing address.

Q. Why does the bidder's list cost $50?

A. Compiling the information necessary to produce the list is time consuming. 

Q. Is the bidder's list available on line?

A. The bidder's list is not available on line at this time.

Q. If I purchase a foreclosure property, how do I get the keys to the house?

A. Once you are in title, you may contact a locksmith to gain access to the property and have the locks changed, or change them yourself. Neither our office nor the lender will provide access to the property. Please note that if the property is occupied (people are still living there) you will need to lawfully evict the occupants before you attempt to gain access to the property.

Q. If I purchase a foreclosure property and it is still occupied, what do I do?

A. You will need to have the occupants evicted. You may choose to hire an attorney to complete the eviction on your behalf.

Q. Can I find out from your law firm the amount delinquent on a loan for a foreclosure property that your office is handling?

A. Loan information is confidential between the lender and the borrowers. We are unable to release this information to anyone but the borrowers without their written consent.

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