Heber City is a city in northwestern Wasatch County, Utah, United States. Heber City was founded by English immigrants who were members of The Church of Jesus Christ of Latter-day Saints in the late 1850s, and is named after the Mormon apostle Heber C. Kimball. It is the county seat of Wasatch County. The original Heber City town square is located on the west side of Main Street between Center Street and 100 North and currently houses city offices as well as the historic Wasatch Stake Tabernacle and Heber Amusement Hall. The city was largely pastoral, focusing largely on dairy farms and cattle ranching, and has since become a bedroom community for Orem, Provo, Park City and Salt Lake City. Heber City is currently governed by Mayor Kelleen Potter along with City Council Members. Within the city limits are Heber Valley, Old Mill, Daniels Canyon and J.R. Smith Elementary Schools, Timpanogos Middle School, Rocky Mountain Middle School, Wasatch High School, and Wasatch Alternative High School. An additional school in the Heber Valley is Midway Elementary School. All of these schools are part of the Wasatch County School District. Utah Valley University maintains a satellite campus just north of Heber City along the US-40 corridor. Heber City supports five LDS stakes, as well as congregations of Southern Baptists, Catholics as part of the Diocese of Salt Lake City, and Jehovah’s Witnesses. How Foreclosures WorkThe most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. Strategic Default: Should You Walk Away From Your Home?If your home has become a bad investment, you might be considering defaulting on your payments—even if you can still afford to make them—and letting a foreclosure happen. This tactic to rid yourself of a bad real estate investment is called a “strategic default.” Strategic defaults were common during the foreclosure crisis that happened from around 2008 to about 2014, though they’re less frequent now. Downsides to Walking AwayIf you’re contemplating a strategic default, you should know the consequences and consider them as part of your decision-making process. How Much Will a Foreclosure Affect a Tax Refund?Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due. Avoiding TaxationFederal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications. Judicial Foreclosure vs. Non-Judicial ForeclosuresNot all foreclosures are created equally, and you have a better chance of fighting some than others—with or without an attorney. Non-judicial foreclosures can move very quickly because they don’t have to involve the court system. The procedure isn’t exactly the same in all the states that allow for these foreclosures because the rules depend on state law, but in many cases, your lender need only file a notice of default or similar document with the county recorder’s office. It will then publish a date on which it intends to sell your home, typically at auction. Unfortunately, the majority of states—29 of them and the District of Columbia—recognize this type of foreclosure as of 2019. You might be subject to it if you have a deed of trust rather than a mortgage, and if the deed of trust includes a “power of sale” clause. A judicial foreclosure must move through more restrictive legal channels. Your lender must first file a lawsuit against you, and you have the right to respond to that lawsuit in court. The lawsuit will effectively ask the judge to allow the lender to take possession of and sell your home, and the lender can’t do so without a judge’s permission. You can sometimes make the lawsuit go away if you can catch up your late mortgage payments within 30 days. Foreclosure Lawyer Heber City UtahWhen you need a foreclosure lawyer in Heber City Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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