Utah Code § 57-1-24.3 Notices to Default Trustor - Opportunity to Negotiate Foreclosure Relief

• Library: Utah Statutes
• Edition: 2023
• Currency: Current through the 2023 Second Special Session
• Year: 2023
• Citation: Utah Code § 57-1-24.3

(1) As used in this section:

(a) "Beneficiary" means a financial institution that is the record owner of the beneficial interest under a trust deed, including a successor in interest.

(b) "Current address" means the address at which a person has agreed or requested to receive notices.

[(a)] (c) "Default trustor" means a trustor under a trust deed that secures a loan that the beneficiary or servicer claims is in default.

(d) "Financial institution" means:

(i) a state or federally chartered:

(A) bank;

(B) savings and loan association;

(C) savings bank;

(D) industrial bank; or

(E) credit union; or

(ii) any other entity under the jurisdiction of the commissioner of financial institutions as provided in Title 7, Financial Institutions Act.

[(b)] (e) "Foreclosure relief means a mortgage modification program or other foreclosure relief option offered by a beneficiary or servicer.

[(c)] (f) "Loan" means an obligation incurred for personal, family, or household purposes, evidenced by a promissory note or other credit agreement for which a trust deed encumbering owner-occupied residential property is given as security.

[(d)] (g) "Owner-occupied residential property" means real property that is occupied by its owner as the owner's primary residence.

[(e)] (h) "Servicer" means an entity, retained by the beneficiary:

(i) for the purpose of receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan; or

(ii) that meets the definition of servicer under 12 U.S.C. Sec. 2605(f)(2) with respect to residential mortgage loans.

[(f)] (i) "Single point of contact" means a person who, as the designated representative of the beneficiary or servicer, is authorized to:

(i) coordinate and ensure effective communication with a default trustor concerning:

(A) foreclosure proceedings initiated by the beneficiary or servicer relating to the trust property; and

(B) any foreclosure relief offered by or acceptable to the beneficiary or servicer; and

(ii) [direct] represent the beneficiary or servicer with respect to all foreclosure proceedings initiated by the beneficiary or servicer relating to the trust property, including:

(A) the filing of a notice of default under Section 57-1-24 and any cancellation of a notice of default;

(B) the publication of a notice of trustee's sale under Section 57-1-25; and

(C) the postponement of a trustee's sale under Section 57-1-27 or this section.

(2)

(a) Before a notice of default is filed for record under Section 57-1-24, a beneficiary or servicer shall: