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
Page 1 of 1
LRGC rrees rrees W 02/13/12 10:25a