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Panel: No help for Utah homeowners in foreclosure

Panel: No help for Utah homeowners in foreclosure

A Utah House committee Tuesday voted down a bill that would have given homeowners the name of someone with whom they could try to renegotiate a loan during the foreclosure process.

The Business and Labor Committee voted 6-5 to recommend against HB326 despite sponsor Rep. LaVar Christensen’s assurance it was tilted in favor of banks, mortgage lenders and note holders.

At the time a default notice is filed, the bill would have required the holder of the mortgage note to register the name and contact information of a “special servicer” who had authority to renegotiate the terms of a loan before a property could be sold. It also would have required the servicer to give “reasonable consideration” to a home-owner’s request for relief.

The bill pushed by the Draper Republican was created in response to thousands of foreclosures and threatened foreclosures in Utah, the result of the bursting of the real estate bubble in 2007. Home-owners say lenders have failed to negotiate loan modifications with them and, in some cases, they cannot even find anyone to speak to about their loans.

Continue reading … The Salt Lake Tribune

H.B. 326 Substitute
Trust Deed Foreclosure Changes — Christensen, L.

Drafting Attorney: Robert H. Rees

Bill List | Bills by Representative, Senator, or Subject
Similar Bills: Mortgage Business Real Estate

This bill has been substituted. The substitute is H.B. 326 Second Substitute

This bill is a substitute bill. The bill that was substituted is H.B. 326

Bill Status/Votes
Last Action: 01 March 2011, Bill Substituted by Standing Committee
Last Location: House Business and Labor Committee
Bill Status/Votes Last Updated: 1 March 2011, 11:23 AM

Audio Recordings of Debates (Software to listen to audio recordings can be found at real.com.  Questions about audio/video streaming.)
House Business and Labor Committee 3/1

Bill Text (If you are having trouble viewing PDF files, Install Latest Adobe Reader)
Introduced HTML | PDF | WP Zipped 71K  Last Updated: 24 February 2011, 8:13 AM
Compare H.B. 326 Substitute to H.B. 326

Fiscal Note
Fiscal Note HTML | PDF Last Updated: 24 February 2011, 7:59 AM

Printed copies of bills may be obtained from Legislative Printing.

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