Utah Law Gives Owners Some Protections In Foreclosure

Gov. Gary Herbert has signed into law the only bill to emerge from the Legislature that attempts to deal with the thousands of home foreclosures expected in Utah this year.

One in every 273 homes in Utah had a foreclosure filing in February, the fourth-highest rate in the nation, according to RealtyTrac, a California company that collects real-estate data. It said 3,488 properties had some kind of foreclosure notice filed last month.

SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.

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Design Your Door for Curb Appeal in 2011

Thanks to the growing trend of people residing in their current homes longer than in previous years, homeowners nationwide are currently embracing ways to enhance the curb appeal of their houses. And, with a new 2011 federal energy tax credit of up to $500, there’s even more incentive for homeowners to upgrade their entryways.

“Changes to the exterior keep a home ‘fresh-looking’ and create a rewarding home ownership experience,” says Tom Kraeutler, host of the national home improvement radio show The Money Pit. “Replacing a home’s entryway with a fiberglass door can significantly increase the curb appeal of a house while providing homeowners with enhanced energy efficiency benefits.”

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FTC Cracks Down On Foreclosure Fraud Operation

As many homeowners continue to have trouble meeting their mortgage payments, foreclosure scams have proliferated.


Saying it is cracking down on foreclosure scams, the Federal Trade Commission (FTC) broke up a national operation based in Florida that it says targeted financially distressed consumers using direct mail, the Internet, and telemarketing.  These borrowers were falsely promised loan modifications.

Giving an idea of how pervasive these foreclosure scams are, the state of Florida foreclosure prevention website, the Hardest Hit Fund, begins by warning about copycat websites. Website visitors, the Hardest Hit Fund website warns, should verify that the website is the official site before providing personal information. Application for and participation in the program is free.

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Tips On Redesigning Your Home, Your Way

Ask around and you might hear a few horror stories about custom building a home.

Yet when builders do a good job structurally, the difference between the dream experiences and the nightmares often starts with the decision-making process.

Clients face a bounty of options regarding styles, finishes, materials and colors. Unless they're accustomed to their own success as designer, or have chosen to work with a professional, the intrepid may find themselves drowning in indecision.

Success begins with "being honest with yourself" and your builder about "purpose, personal style and budget," said builder/remodeler Erin Widener Speckhart, president of Virginia Beach-based Widener Corp.

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Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams

As foreclosures continue to rise across the nation, homeowners in financial distress need to be vigilant in protecting themselves against con artists and scams, according to Oyezz Real Estate, a leading local firm specializing in “short sales” as alternatives to foreclosure.

“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”

The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.

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Utah Man Taking On Bank Of America In Loan Modification Dispute

Many Americans have applied for the federal government's loan modification program, meant to keep them in their homes. Instead, less than a quarter of those who signed up have gotten any help.

The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. But a Pleasant View man is standing up to Bank of America on his own.

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When Real Estate Means More Than A Place To Live

Residential housing, at its most irrational, is focused solely on the social-emotional needs of the buyer or seller. Many people think owning a home proves one or more of the following things:

1. Proves you are grown up.
2. Proves you are successful.
3. Proves you are independent.
4. Proves you are a good “catch” in the dating world.
5. Proves you are a good spouse.
6. Proves you are a good parent.
7. Proves you are not a “loser” in a divorce.

This is all nonsense, but it is socially reinforced nonsense. Owning a house proves none of this, but owning property (whether it is a house or a condo) remains a socially-sanctioned outward marker of responsibility and worthiness. Being unable to buy, or losing a house to divorce or financial setback strikes some people as irresponsibility or unworthiness.

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30% Of Mortgages Are Underwater

Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.

Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.

Now 27% of homeowners with mortgages owe more than their homes are worth. That's up from 23.2% a quarter earlier.

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Cost-Effective Ways To Boost Curb Appeal

Anyone who's ever bought, sold or even just looked at a house can tell you first impressions matter. A house can be filled to the rafters with luxury touches, but if it lacks curb appeal, few potential buyers will ever step in the door to see what's inside.


With real estate sales still sluggish across the country, curb appeal is taking on a new meaning for many homeowners. While an attractive home exterior can still boost potential resale value, homeowners are also looking at curb appeal as a way to enhance the enjoyment of their homes. Giving the exterior of their home a facelift not only makes the house stand out on the street, it also allows homeowners to "move up" without the expense of remodeling or moving.

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Unsold Mansions: The Elite Go Begging

About 45 homes are for sale in the Tucson area with price tags over $2 million.

Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.

For the most part, they have something in common: They're not selling.

Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.

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The Home's Changing Financial Role

Homeownership used to be the bedrock of the American dream, but the economic storm and its lasting effects have radically changed how everyone — no matter what stage of life they're in — looks at their home.

Many potential home buyers are now hesitating, taking a closer look at their options. "People are starting to realize that the American dream of homeownership is not right for everyone," Kim McGrigg, community manager at Money Management International, a non-profit consumer credit counseling service.

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8 Reasons To Invest In Your Home

Not long ago, you could have your big remodeling project and get your money back too. Owners recouped an average of 87% of home improvement costs at resale in 2005, according to Remodeling magazine.

But by 2010 the magazine had pegged the typical payback at just 60%. Hardly the right time to tackle the new kitchen or master bathroom you've been dreaming of, right?

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Write A Letter To Get Your Short Sale Approved

You can no longer afford your mortgage payment and you’ve decided to try to get out from under your house. The easiest thing would be to just let the bank go through its process and foreclose on your house. But you don’t want a foreclosure on your credit report. A short sale is a good alternative. You’ll market your home and agree on a price with a buyer, subject to your lender agreeing to take less than the loan balance as payment in full. But it’s not that simple. There’s one more thing. The bank will only approve a short sale if they believe that it’s their best option. They’d really rather that you keep making payments as originally agreed. In order to convince them that their only other choice is foreclosure, you need to write a convincing hardship letter.

Lenders know which kinds of things make loans default. If you claim to have a financial hardship, they will want to know specifically what the problem is. And they’ll want to verify it. Here are some of the more common financial hardships that tell lenders that a loan is not going to succeed.

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Should I Keep My Home or Let It Go?

The Real Estate market right now is terrible. This is the truth, no matter what part of the country you may reside in- the future does not look pretty for homeowners. All around us there are short sales, foreclosures, vacant homes and distressed properties. I know that when I stumble across a “normal” listing (meaning not a short sale, foreclosure or auctioned home) I always do a double take! Typically, these normal sales occur when a homeowner has lived in the home for many years, never took out a HELOC or re-financed during the boom of 2004-2008. Simply because I am in the Real Estate Industry I oftentimes find friends begging the question: How do I know if it is wise to stay in my home?

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Some Homeowners Still Owe After Short Sale

Some former homeowners who went through short sales to avoid foreclosure are finding they are still in debt to their lenders.

Because the short-sale concept, which allows people to sell their homes for less than they owe, is designed specifically to help homeowners avoid having to pay their lenders more money, some sellers have been careful to negotiate their deals so the lender, by contract, can't later seek payment. Those who haven't done so are at risk.

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Four Ways The Foreclosure Mess Could Be Used To Help Homeowners

If you didn't think the gods of financial crises had a sense of humor, consider that the latest economic threat is that foreclosures have largely stopped. What's next? Our (401)ks are looking too full?
Although the potential for chaos in the housing market and on bank balance sheets is rightly feared, there's an opportunity here, too. Foreclosures have paused. There's renewed recognition that the business practices behind the housing bubble were a mixture of insane and fraudulent. The banks will probably need some government help again, even if it's just regulatory forbearance. The market is preparing for the possibility of new policies - and we should have some, but not just for the banks. For the homeowners, too.

Our response to the financial crisis had three parts: The bank and auto bailouts, the stimulus, and the efforts to help homeowners facing foreclosure. The bailouts worked pretty well. The stimulus was much too small, but at least did what it said it was going to do. The help for homeowners, however, has been a disaster.

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