Loan Modifications Grew 422% In Utah While Foreclosures Sales Increased 359% - Home Values To Fall 30%

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Home loan modifications in Utah surged 422% in the third quarter of 2008 rising from 239 to 1,247 over the same period of 2007,. At the same time foreclosure starts in Utah increased 107% from 1,584 to 3,281 in the third quarter of 2008 over the same period a year ago. Home prices are predicted to fall over 2009 and 2010.

Home loan modifications surged dramatically in Utah in the 3rd quarter of 2008 a 422% increase. Loan modifications continued to grow more quickly than other loss mitigation strategies, as banks and thrifts worked with borrowers to keep them in their homes, while minimizing losses. Nationally the number of new loan modifications increased 16 percent in the third quarter to more than 133,000. However, there remains a large gap between the number of new foreclosure actions started and the number of foreclosures which are avoided by loan modifications.

To help close this gap Sean Walker announced the formation of HomeSaversUtah ( Sean Walker, President of Good Neighbor Loans, LLC, (, stated, "my purpose for starting HomeSaversUtah is to help people, who find themselves on the verge of losing their home, avoid foreclosure, by renegotiating their loans through loan modification."

Forbes reported that Just over a year ago, property prices in Salt Lake City were still rising, even though they were falling just about everywhere else. By the third quarter of 2007, the median home sold for $247,000 versus $203,000 in 2006. Prices haven't fallen much yet; the median price in late 2008 was $230,000, according to the National Association of Realtors, but Salt Lake City, which is surrounded by some of the best ski resorts in the West, is just starting to feel the effects of the drop-off in second-home buying. Prices are set to fall 29% over the next two years, according to Moody's forecasts.

Sean said, as a loan broker and real estate agent, "I know how people are suffering in a rapidly changing economy and they need help to keep the dream they have worked so hard to achieve, a home for their family." was founded to help them. Foreclosures continue to rise and with the predicted drop in housing values the need for working out solutions with banks, which will keep people in there homes is a benefit to both lender and home owners.

Mr. Walker described "There are ways that loans can be restructured with lenders to decrease payments, by extending the period, reduce interest, or reduce principal owed." "Owners need to understand they have options and should act quickly, when they get behind in their payments to work with their lender to avoid the loss of their home." " is dedicated to do the negotiation on the home owners behalf" and offers a free evaluation to homeowners of the possibilities and options open to them. ( HomeSaversUtah also provides self help information on their web site and encourages those in need to educate themselves with the free self help information (

Sean Walker
Senior Loan Modification Counselor
888 928 8228


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