May 8, 2012

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Housing Summit Looks at Foreclosures

Di Lewis

May 8, 2012


A panel of Utah housing experts discussed foreclosures, as well as briefly talking about programs to modify loans and revive homeownership, at the 2012 Salt Lake Housing Summit.

Held at the Realtor Campus in Sandy, the summit focused on foreclosures and short sales.

At the lunchtime panel, Paxton Guymon spoke about how to protect clients who buy foreclosed or short sale properties.

Guymon, a foreclosure rights attorney with Miller Guymon, said few lenders are suing short-sale buyers for a deficiency between the purchase price and the original loan amount. However, it’s still good whenever possible to include language barring a deficiency lawsuit in purchase agreements.

He said some buyers of foreclosed properties are also offering “cash for keys” deals to anyone still living on the foreclosed properties. Rather than go through the time and hassle of an eviction, he said those kind of deals are becoming more common.

Beginning in 2009, tenants in foreclosed properties obtained new rights, Guymon said, and many people still don’t realize it. Buyers and tenants of foreclosed properties should educate themselves about tenant rights.

John Swallow, Utah deputy attorney general, said the state is getting $170 million from a $25 billion national foreclosure settlement. The money will be split between several programs: homeowner education, funding two mortgage fraud lawyers in the attorney general’s office, assistance for people trying to avoid foreclosure and settlement money for people who have already been foreclosed on.

Swallow said the attorney general’s office felt like some people were being duped into foreclosure. The people were being advised to stop making mortgage payments in order to qualify for help. At the same time, the same lender would begin foreclosure proceedings because mortgage payments had stopped.

In addition to the help Swallow said the state hopes to give, Kristin Johnson, HUD counselor with Cornerstone Financial, said she and other nonprofits are trying to help people through counseling and loan modifications.

The other panelist was Deon Spilker, director of mortgage banking with the Utah Housing Corporations, who spoke about the organization’s new homebuyer assistance program, which targets second-time homebuyers and those who have credit scores as low as 620.

(5.8.12)

 

Utah Business Social
UB Events View All
CXO of the Year 2015Utah Business Event
Jun 25, 2015
Utah Business Magazine along with Stoel Rives - are proud to present the 2015 CXO of the Year Awa...
Fast 50 - NOMINATIONS OPENUtah Business Event
Aug 27, 2015
NOMINATIONS OPEN -- Deadline June 26, 2015 Nomination Forms The top 50 companies will be se...
Job Summit - POSTPONED UNTIL FALL 2015 Utah Business Event
Sep 24, 2015
NOTE: The date listed below is not secured. We will update as the event gets closer. Thank you ...
Community Events View All
SANDLER MANAGEMENT SOLUTIONS
May 22, 2015
Looking for a way to manage your team systematically and effectively? Sandler Management Solutio...
Mac OS X Support Essentials
May 22, 2015
Using Apple Certified Curriculum, Mac OS X Support Essentials is a hands-on course that provides ...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel