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H.B. 164
         TRUST DEED FORECLOSURE CHANGES

House Committee Amendments

Amendment 1 February 13, 2012 2:16 PM



Representative LaVar Christensen proposes the following amendments:

1.    Page 1, Line 19 :    

             19          .    establishes duties in the process of negotiating foreclosure relief;
  and      


2.    Page 1, Lines 22 through 24 :    

             22      legal ability to do so
{   ; and   }        .      

             23          
{   .    allows a default trustor to extend the foreclosure period by a month, no more than

             24      twice, by paying a monthly payment under the loan.  
}


3.    Page 4, Lines 99 through 102 :    

             99          (9)
  (a)       A beneficiary or special servicer shall suspend foreclosure proceedings if:

             100          
{   (a)   }        (i)       a default trustor successfully performs trial period modifications; and

             101          
{   (b)   }        (ii)       the beneficiary or special servicer has the legal ability to do so under any applicable

             102      servicing contract.
    
  (b) A resumption of foreclosure proceedings following a suspension under Subsection (9)(a) does not require the filing for record of another notice of default under Section 57-1-24 if a notice of default was filed for record before the suspension.      


4.    Page 4, Lines 103 through 108 :    

             103          
{   (10) A default trustor engaged in good faith negotiations under this section with a

             104      single point of contact for foreclosure relief may extend the period described in Subsection
             105      57-1-24 (2) by one month, no more than twice, by paying the beneficiary during the period
             106      described in Subsection 57-1-24 (2), or during an extension of that time under this Subsection
             107      (8), an amount equal to a full month's payment due under the loan.  
}

             108          
{   (11)   }        (10)       A beneficiary, special servicer, and single point of contact shall align their


5.    Page 4, Line 111 :    

             111          
{   (12)   }        (11)       A default trustor shall provide to a single point of contact all financial information


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