Deed in Lieu of Foreclosure - An Alternative

Currently managing restaurants in Orem, Utah, James R. “Jim” Olsen led his own law practice in Arizona. As an attorney, James R. Olsen provided many real estate services, such as deeds in lieu of foreclosure, which are considered a last resort for cash-strapped homeowners who face foreclosure.

A deed in lieu of foreclosure erases the homeowner’s debt by transferring the title to a bank or another institution. It has several benefits, among them saving the high court costs of a foreclosure and avoiding public embarrassment to the seller. The arrangement also gives the departing householder time to find new accommodations.

This is not the only way of avoiding foreclosure. Another method is loan modification, in which the terms of the lending agreement are renegotiated. An alternative tool is a short sale, which is finding a buyer who will pay less than the remaining value on the mortgage. Drawbacks for loan modifications are the necessity of third parties to make a deal and, for short sales, loan extensive paperwork.

Deeds in lieu of foreclosure do carry certain risks. There is the chance that the value of the property could fall short of the loan balance. Moreover, junior creditors may have claims on the property.

Golf Digest's Top Three Courses in Utah

An experienced attorney with a background in business management, James "Jim" Olsen managed a Peoria, Arizona-based law firm for 8 years, and most recently served as restaurant general manager at Desert Del Oro in Orem, Utah. Outside of his varied professional pursuits, James Olsen enjoys scuba diving and playing golf.

Every year, Golf Digest releases its rankings of the top 100 courses in the United States, and also compiles a list of the top courses per state. Below are its top three courses in Utah for 2019:

1. Glenwild Golf Club - Also listed in Golf Digest's America's Second 100 Greatest courses, Glenwild Golf Club is based in Park City and was designed by Tom Fazio. Opened in 2001, it offers panoramic views of the Wasatch Range, with several holes constructed along irrigation lakes linked by streams and cascading waterfalls.

2. Victory Ranch - This 18-hole, 7,600-yard course was designed by Rees Jones and, like Glenwild, offers views of the Wasatch Range, as well as the Jordanelle Reservoir and Unita Mountains. The 17th hole, which presents a panoramic view of its surroundings, is the highlight of the course.

3. Red Ledges Golf Club - Located in a 2,000-acre community with custom luxury mountain cabins and cottages, Red Ledges Golf Club is a private golf community that was designed by Jack Nicklaus and opened in 2009. At that point, it was listed by GOLF Magazine as the "#1 Best New Private Course in America."