SALT LAKE CITY -
Advocates are pushing for a bill that will require mandatory mediation with home owners and their lenders. It will be an opportunity for home owners and lenders to come to a bargaining table and negotiate terms and help keep their homes. Utah ranks among the top ten states with the highest foreclosure rates. Many frustrated owners try to negotiate loan modifications with lenders, but said it is a losing battle.
"When they try to do it on their own, they're spending their paper work to the bank. The bank loses the paper work or they misfill out a form so the bank says you're denied for a loan mod and they foreclose instead of educating the home owner on how to actually do a loan modification," Greg Mower said.
The law is present in Nevada and Florida. Advocates in Utah said they want to follow suit and are starting a petition. They say the property values will continue to decline and mediation will give both parties a leveled playing field.
FOX 13's Tamara Vaifanua reports.
"When they try to do it on their own, they're spending their paper work to the bank. The bank loses the paper work or they misfill out a form so the bank says you're denied for a loan mod and they foreclose instead of educating the home owner on how to actually do a loan modification," Greg Mower said.
The law is present in Nevada and Florida. Advocates in Utah said they want to follow suit and are starting a petition. They say the property values will continue to decline and mediation will give both parties a leveled playing field.
FOX 13's Tamara Vaifanua reports.
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