BRIAN HEAD Insiders

I’ve recently become aware of Brian Head property owners that are taking extreme measures to beat the system regarding their loans. This is troublesome because it distorts the values, and quite frankly is dishonest. Here’s the situation.

• Property owner has locked into a loan that they no long choose to pay.
• Property owner stops making payments on their mortgage.
• Property owner continues to vacation, travel and spend money “they choose not to pay their mortgage”
• Property owner continues to rent their cabin at a discounted rate undercutting other rental rates in Brian Head, while collecting income but not making mortgage payments.
• Property owner discovers that their cabin is going to foreclose because of non-payment. They are upset that they haven’t received notification (because they missed the mail while on vacation).
• Property owner is concerned that they might be foreclosed on prior to the winter holidays where they won’t be able to collect rental income (while still trying to walk away from their cabin and not make the payments).

If foreclosed, those who are scheduled to rent the cabin in the future may lose prepaid rents (deposits) and their rent dates. Meaning, they might be spending Christmas at home this year.

Be careful who you rent from. You can verify if an owner has received a Notice of Default letter by visiting www.ironcounty.net and click on the Recorder Property Search. Give me a call if you need some guidance.