Follow these consumer tips:
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Determine what you can afford and get pre-approved before you look for a home
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Get a thorough inspection of the home prior to buying it and remember that both an appraisal and an inspection are necessary before buying a home
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Compare rates and services provided by your title insurance company
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Time to move? Obtain written estimates and compare moving companies; find reputable moving companies through DORA’s Public Utilities Commission
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Stay with the movers while they pack and unpack your furniture and keep inventory of all items the movers take and what is delivered; check for broken or lost items
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Change the locks after you buy the house
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Did you know?
When choosing a mortgage, you have the option of paying additional points—a portion of the interest paid at closing—in exchange for a lower interest rate. If you plan on staying in your home for 5-6 years or more, it may be a better option to take the points—in the long run, the lower the interest rate will save you more! |
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SUMMERTIME TIPS TO STAY COOL
www.consumerenergycenter.org/tips/staycool.html
SWIMMING SAFETY
Home Safety Council - Swimming Safety
GRILLING SAFETY
Home Safety Council - Grilling Safety
DISASTER PREPAREDNESS
Home Safety Council - Communications Plan
Home Safety Council - Prepare Ready Kits for Disasters |
June 21st
Happy Father’s Day
A free Father’s Day e-card has tips on “phishing,” a scam in which Internet fraudsters send email spam or pop-up messages to trick you into giving them your personal information. The e-card is available in English and Spanish at FTC Father's Day Message or Un mensaje sobre el día del padre de la FTC. |
LOAN MODIFICATIONS
“Real Estate Scam of the Year”
Ever hear the term…”If it sounds too good to be true…it usually is?”
Temptations usually show up when we need a “helping hand”…maybe you’ve lost your job, you’re experiencing financial hardship or foreclosure is imminent.
Typical places that could cause concerns or “Red Flags”
- Direct Mail
- Craig’s List
- Door-to-door
What to watch out for-
- If the loan modifier asks for money upfront
- If the loan modifier keeps your money-Under most circumstances, it’s illegal to keep more than $300 if a loan does not close
- Language encouraging delinquency or not to pay the mortgage
- No guarantee of repayment of loan if promises aren’t met
- Company keeps the money regardless of services performed
Consumer protection-
- Always verify a license
- Is the money refundable? Who will hold the money until closing
- Always contact your lender on your own first to seek a loan modification
- There are free options available if you call HUD approved counselors…1-877-601-HOPE
Ways DORA’s Division of Real Estate can help you-
- Verify licenses of real estate and mortgage professionals as well as appraisers
- Check out the company’s reputation and see if an Board action resulted in discipline
- The Colorado Division of Real Estate works closely with the California Division of Real Estate because a lot of these entities are contacting our consumers from out-of-state
- The Colorado Division of Real Estate has issued 17 subpoenas to loan modification entities and that number could increase
- Closing down on unlicensed agents, disclosure, misleading advertising, illegal fees
- The Division of Real Estate issues cease and desist orders, fines and restitution
- Possible revocation of licenses or suspensions and refers to other law enforcement agencies
- Works with the Attorney General to prosecute criminal behavior
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