Utah’s Bond Effort to Jump-Start Housing Market

Utah’s state officials are kicking around a $400 million plan that is designed to jump-start the state’s economy.  The plan will give more Utah residents a loan to buy a home.  The effort will be funded by selling taxable bonds.  Can such an effort be pulled off in today’s market?  That remains to be seen.

Despite the challenges of the economy, the president of the Utah Housing Corp will still try to sell the taxable bonds in hopes of generating cash for mortgage loans.  Many moderate-income Utah residents are now struggling to get mortgages because of the new, tighter lending laws.  This bond effort should help residents in that category the most. 

Once the plan is approved, the bonds will then be issued by an agency not the state.  This means that no taxpayer money will be involved.  The loans will be insured by the federal government, which guarantees that bond holders will be repaid.

The $400 million goal will provide financing for low or no down payment programs.  The kinks are not completely worked out yet, but so far, homes that would qualify have to be under $300.  The bond plan is not meant to finance monster home loans.

Utah currently has a $100 million Dream Saver program in place.  The program is designed to help Utah residents convert their problematic mortgages or adjustable-rate mortgages into a 30-year fixed rate loan.  This program has already helped so many families that were about to lose their home.

The state of Utah seems to be moving in a positive direction.

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Salt Lake City Realtor® Kandy Clayton

Struggling to Keep Your Home?

Many homeowners are finding that they can’t afford to pay their mortgage payments.  If you are one of the many, there is now a way to get a better deal from your lender.  The process is complicated, but it is helping homeowners in need.

Homeowners can now find several lenders with mortgage modification programs.  Each mortgage lender may have different policies.  Nevertheless, they can now help you get out of your current loan and into a better one. 

Some lenders will ask for proof that the homeowner has been going through financial hardship, such as temporary unemployment, disability, divorce, long illness or the death of a spouse.  Homeowners may even be required to write and sign a “hardship letter”.  The “hardship letter” will have to explain the homeowner’s situation in both the short and long term.

The new mortgage modification program aims to achieve two goals: create a payment that’s affordable for the borrower and collect all the original loan amount. 

Modification types will vary from one lender to the next, but the most common modification types you will find are a permanent interest rate reduction, a deferral of principal and an extended payback period.  On very rare occasions, the lender will offer a principal reduction or forgiveness of debt.

The modification programs are helping prevent more unnecessary foreclosures.  So if you are in danger of foreclosure, pick up the phone, call your mortgage company and speak with someone about loan modification.  Good luck to you!

Salt Lake City Real Estate

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Salt Lake City Realtor® Kandy Clayton

Clayton and Associates
7370 South Creek Rd., Suite 201
Sandy, UT 84093
801-676-0375
Fax: 801-676-0366

Bringing Home a Pet for the Holidays

The holidays are the perfect time of year to give the gift of a new pet.  For many people, it can be very exciting to bring home a new pet.  But it’s important to keep in mind that you and your new pet will need time to adjust to one another.  I have some tips that I would like to share with you to help the process of bringing home a new pet for the holidays easier.

·         Be prepared – Before you even go out to pick up your new pet, make sure you have all the supplies you will need.  Supplies to keep in mind are: food, collar, leash, food and water bowls, treats, brush, sleeping mat, and nail clippers.  Buy extras later after you see what your pet’s personality will be.

·         Set some ground rules – Decide who in your family will feed, water, groom, clean and exercise your pet or how these responsibilities will be shared.  Also, if you have areas of your home you don’t want the pet in, be sure to keep those areas closed.  This will show your pet they are not allowed in that area of the home.

·         Teach proper animal care to your family – It’s a good idea to spend some time with your family discussing the best way to care for your new pet.  This is most important for young children.  Teach them how to safely pick up your new pet, feed your new pet, etc.

·         Pet-Proof your home – New puppies or kittens can totally wreck your home if it is unprepared.  So, before you pick up your new pet, move your electrical cords out of their reach, move houseplants, put away dangerous household chemicals, store your plastic bags, garbage and small toys, and remember to close doors to rooms that are off limits to your new pet.

·         Help your existing pets – Bringing home a new pet is a big change for everyone, even your other pets.  Your new pet may be nervous as well.  So introduce your pets slowly and make sure you are doing this with close supervision.  Sometimes your existing pets will get overwhelmed, so be sure to have a safe place for them to go.  Keeping their sleeping areas and kennels separated and accessible will help them feel safe until they get used to one another.

Best wishes to bringing home your new pet this holiday season.  I hope these tips will help things go a little smoother.

Salt Lake City Real Estate

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Salt Lake City Realtor® Kandy Clayton

Living in a Healthy State – Utah !

Utah has recently replaced Connecticut as fifth in the nation’s healthiest states.  This is a move up for Utah in the United Health Foundations America’s Health Rankings for 2008.  Utah came in just behind Vermont , Hawaii , New Hampshire and Minnesota .  The least healthy state on the list was Louisiana . 

States are ranked by the personal behaviors of the state’s residents, the state’s environment, decisions made by the state’s public officials and the state’s quality of medical care.  America rates 27 behind other developed countries for good health.

Utah has several strengths when it comes to health.  The state has the lowest rates of binge drinking and the lowest rates of cancer and smoking deaths.  So, if you are looking to relocate to a new state, consider Utah .  Salt Lake City , Utah is the capital of the state and in my own opinion, one of the best cities to live.  The community has a long history, excellent schools, good foundations, strong economy, and plenty of things to see and do.

Salt Lake City is located just east of the Great Salt Lake along Interstate 15, 80 and 215 for the added convenience of getting around.  There are several great neighborhoods to choose from and many local skiing destinations including Park City , Deer Valley , the Canyons, Alta, Snowbird, Brighton , and Solitude.

Having so many community activities and attractions is what has helped Utah stay one of the Nation’s top healthiest states.  Come for a visit to see for yourself and you will want to stay a lifetime.  The breathtaking views are sure to rein you in for good.

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Salt Lake City Realtor® Kandy Clayton