Accord near to halt Bank of America foreclosures in Utah

There are over 40,000 forclosure scheduled for Utah.... that is 4.2% of Utah home owners, I am hear to help answer any questions you may have or help you find the right people to answer them for you

call me today 801-940-9560  or go to for market updates www.race2utah.com subcribe for monthly sales and values in your area.

BY TOM HARVEY
The Salt Lake Tribune

First published Aug 24 2011 06:24PM
Updated Aug 24, 2011 10:50PM
The Utah Attorney General’s Office is close to an agreement to halt what it considers illegal foreclosures by Bank of America, which has conducted a majority of foreclosures against homeowners since the subprime-fueled collapse of the housing bubble.

The Attorney General’s Office had intervened in a home-owner lawsuit to argue that BofA was illegally foreclosing on properties in Utah. But recently it has been negotiating a settlement over foreclosures conducted by ReconTrust, a unit of the giant banking corporation.

A.G. spokesman Paul Murphy said Wednesday an accord is near. Although he declined to provide details, Murphy said in an email that “any settlement would require that all illegal activity [by ReconTrust] stop.”

Representatives for BofA declined comment.

Marco Fields, a homeowner advocate, said she wanted to see any agreement require at least a $10 million payment from BofA that could go to homeowners who had been foreclosed on and to pay for counseling and services to help those facing loss of their homes.

“The harm is unmeasurable, unrepairable,” she said. “When you take someone’s home illegally and you displace them, you take away the foundation of their life.”

Fields said she expects to see 40,000 foreclosures in Utah this year. If that’s correct, that would cover 4.2 percent of the 953,000 homes that the Census Bureau says existed in Utah in 2009, the latest figures available. From 60 percent to 80 percent of those foreclosures are conducted by ReconTrust, depending on the county, according to Fields.

A settlement could force ReconTrust to restart thousands of pending foreclosures. A new state law also makes the company vulnerable to legal action if it admits to acting illegally.

In February, the A.G.’s Office intervened in the appeal of a foreclosure lawsuit, arguing that under Utah statutes trustees who sell foreclosed property must be either attorneys who are members of the State Bar or Utah-based title insurance companies. ReconTrust is neither but argued it was governed by federal laws, not state.

But the 10th Circuit Court of Appeals last week granted a motion to dismiss the appeal, pointing out the lawsuit on which the appeal was based had been dropped in U.S. District Court for Utah.

John Christian Barlow, the attorney for St. George resident Peni Cox, said the lawsuit was voluntarily dismissed because U.S. District Court Judge Clark Waddoups had ruled against Cox several times, and her attorneys did not want another unfavorable decision.

“We didn’t want Clark Waddoups to make another ruling on the case,” said Barlow, adding that the judge “can’t get it right. His ruling basically confuses the issues.”

In January, Barlow asked Waddoups to disqualify himself from the Cox case, saying the judge had previously worked at Parr, Brown, Gee & Loveless, a law firm that represents BofA. Waddoups declined, saying he had not represented the bank, and that attorneys had not presented any evidence that a conflict existed.

The negotiations between the A.G.’s office and BofA come as some Utah homeowners plan to rally Thursday in advance of a federal court hearing over whether another legal action, a proposed class-action lawsuit against BofA and others, will be dismissed or allowed to continue.

Organizer Melanie Thomas said she was expecting more than 70 home­owners to show up for the 1 p.m. event in advance of the 2:30 p.m. hearing before U.S. District Judge Dee Benson.

Lawsuits by homeowners against BofA and ReconTrust over alleged illegal foreclosures would continue even if the A.G.’s Office reaches an agreement.

Attorneys for homeowners hope Benson will be more favorable toward their arguments about illegal foreclosures than have other judges in Utah. Including Waddoups, judges at the federal level have almost overwhelmingly ruled against homeowners, but Benson recently allowed a lawsuit to halt a foreclosure going forward.

tharvey@sltrib.comtwitter: @tomharveysltrib  Salt Lake Tribune

Station Park development in Farmington --- Alot is Happening in the Neighborhood

STATION PARK will be the preeminent open-air shopping center in the Salt Lake City region. The project will consist of approximately eight hundred thousand square feet of retail, entertainment, restaurant, office and hotel space.

Located at the intersection of Interstate 15, Highway 89, the new Legacy Parkway and the new Utah Transit Authority Commuter Rail. Station Park will offer the finest merchant mix and shopping experience to be found along the Wasatch Front, offering the residents and visitors an experience unparalled in the region.

FARMINGTON — The Station Park development in Farmington came to a halt in 2007 when the economy tanked.

 

“None of the retailers wanted to expand, so the project got put on hold for a couple of years,” Farmington Mayor Scott Harbertson said.

 

But now it's full speed ahead. By the summer of 2012, the Station Park project will have as many as 200 tenants, which will include a mixture of entertainment, retail, restaurant, office and hotel space. That’s 900,000 square feet on 67 acres of land.

 

Stores opening in Station Park

• Chase Bank -- September 2011
• Cinemark Theater -- July 2011
• Famous Footwear -- September 2011
• Harmon's -- Open
• Home Goods -- August 2011
• Marshall' -- October 2011
• Park, foundation, children's play area and food kiosk's -- September 2011
• Ross -- July 2011
• Sally Beauty -- Opening September 2011
• Sports Authority -- August 2011
• Ulta -- October 2011

“As the retailers have come out of the recession and started to open new stores again, there have not been a lot of new projects for them to look at,” explained Craig Trottier, vice president of development for Centercal Properties. “So it's put us in a very good situation.”

 

In fact, just about all the retail space is leased or soon will be. For Farmington, a project like this really jolts the economy.

 

“What magnifies that is this area has been underserved for better quality retail and restaurant environment, Trottier said. “So there’s been a pent-up demand in the community for a better shopping, dining experience, which is what we’re providing here.”

 

And if location is everything when it comes to real estate, then Station Park has it.

 

“The geography of this is perfect for Farmington,” Harbertson said. “There tucked in on I-15 and 89, Legacy and the commuter rail. It’s quick in and out for anyone who wants to shop."

 

“This spot in Davis County has one of the highest traffic counts in the whole state,” Alexander  explained. “And to have that influx from both Weber and Salt Lake counties to come right here into Davis, this is such a great location for Station Park."

 

Last month, a new Harmon's store opened up. “We’ve seen so many more people coming into Harmons than we ever expected,” Christy Alexander, associate city planner for Farmington, said.

 

The under-construction Cinemark XD at Station Park

A new 14-screen Cinemark Theatres complex will have a grand opening Friday.

 

“Between now and fall of next year, they’re going to build out the rest of the project and hopefully we’ll have probably 100 to 125 retail outlets in this project,” Harbertson said.

 

Ross clothing store is expected to open July 18, followed shortly after by Sports Authority and HomeGoods. But the area is still a work in progress, so you will see construction crews in the area.

 

Some other planned developments in Utah have had a hard time pushing through the recession. The heart of Salt Lake's Sugar House shopping district is still a vacant corner. Construction of new shops, office buildings and condos have been on hold for four years due to a lack of funding. But approval of a new scaled-back plan should restart the project this fall.

 

The Holladay and Salt Lake County councils have also voted to allow more time for a development on the site of the former Cottonwood Mall. The $500 million proposal includes apartments, retail and office space.

 

The project stalled when the former developer filed for bankruptcy protection. A 20-year tax subsidy to the new developer lets it delay the project through 2017.

Company that will be making the Station Park their home

HARMON’S 
NOW OPEN CINEMARK THEATER XD
NOW OPEN ROSS
NOW OPEN SPORTS AUTHORITY
NOW OPEN HOME GOODS
NOW OPEN
ULTA
NOW OPEN  
MARSHALL’S
NOW OPEN
SALLY BEAUTY
Opening October 2011
FAMOUS FOOTWEAR
Opening March 2012
CHASE BANK
Opening September 2012
CHILDREN'S PLAY AREA
Opening September 2011
TILLY'S
Opening Soon
GORDMAN'S
Opening March 2012
DOLLAR CUTS
Opening 2012
DIAMOND WIRELESS
Opening 2012
PANDA EXPRESS
Opening 2012
SUBWAY
Opening 2012
ROXBERRY
Opening 2012

For Sale by Owner vs. Using a Realtor

Its not always the Right Choice

 

NAR (National Association of Realtor's) statistics show FSBOs (For Sale By Owner’s) accounted for 9% of home sales in 2010.  Of course it sounds easy – just stick the ‘For Sale’ sign in the lawn and wait for the offers to come in.  What sellers don’t realize is: the art of pricing, the proper marketing strategy, the ability to qualify buyers, the time to field calls, inquiries, viewers (and no shows) and to set up and host open houses.  They also aren’t aware of legal issues, negotiation skills/tactics, ability to write protective clauses, nor the safety concerns of opening their home to strangers…..just to name some items.

Well the ‘For Sale By Owner’ founder realized how hard it was to sell his own condo and hired a Broker, paying the 6% commission.  Not only did the agent INCREASE his asking price by $150,000, he was able to attract a buyer that the founder’s ‘do it yourself’ methods could not succeed in doing.  And, the property is not some itty-bitty condo.  We’re talking about what sold for $2.15 million (a pricy condo purchased, no doubt, with the money made by many For Sale by Owner casualties). 

That being said, there are success stories of people who have successfully sold their own home (note – NAR statistics show that the typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales).  Just like there are those who have completed their own home renovations….some things are best left to the professionals.

For the full article: http://goo.gl/qsdeF