September 19, 2021

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Mortgage News

OPINION: Know your mortgage rights | Local News Stories

Housing Resources of Western Colorado is a Housing and Urban Development certified housing advice agency with three HUD certified consultants.

Housing Resources of Western Colorado (HRWC) serves customers in 16 counties in western Colorado.

What does a HUD-certified housing consultant do? Look at a success story from one of our customers.

Mr. Morgan defaulted on his mortgage after his release. When he was called back for work, his family had started receiving threatening letters from their mortgage lender.

When Mr Morgan found an ad on the internet for a company that claimed they had lawyers who could help with changes, he believed they had a solution.

He called and spoke to an agent who told him that an attorney would prepare a change request and send it to the mortgage company for a fee of $ 3,000.

Mr. Morgan was assured that the company had a 100% approval rating.

When Mr Morgan mentioned that he did not have the required fee, the agent offered a convenient payment plan: he could withdraw part of the fee directly from his checking account each payday until the fee was paid.

Mr. Morgan and his wife promptly completed and returned the documents received from the company.

The company deducted its fee for every paycheck.

Weeks passed. The Morgans received no response to emails they sent to the company.

Then they received a shocking letter in the mail: it was from a lawyer who represented the mortgage company. It was said that a foreclosure measure had been initiated.

Desperate to save his family’s home, Mr. Morgan discovered a phone number at the end of his last mortgage statement for HUD-approved housing advice centers.

He called his local HUD agency, HRWC.

A HUD advisor met with the Morgans and heard a familiar story.

Almost 75% of HRWC’s housing advisory clients have been targeted by scammers.

HRWC consultants briefed the Morgans on the foreclosure process. You have created a plan of action to address the standard.

They were offered a change after submitting a legitimate package of changes with the help of their advisor. They could keep their home and adjust their budget to accommodate emergencies.

Facts:

• In Colorado, it is illegal for a loan modification company to charge you an upfront fee if you are more than 30 days behind your mortgage. Ongoing or monthly service charges are also prohibited. Change companies cannot charge you until their services are complete.

• Don’t ignore your lender’s communications. If you’re in default and need help working with your lender, contact a HUD-certified housing advice center.

• Beware of advice from a loan modification company that advises you not to contact your lender.

• When a company promises to get rid of your debt, it is making a promise it cannot keep. To file a complaint against a loan modification company, contact the Colorado Attorney General over https://coag.gov.

• HBE class (Homebuyer Education)

• Post-purchase coaching

• Advice before buying

All of these services are free to western Colorado residents of all income levels.

Call today for more information or to schedule a confidential appointment by phone or virtually: 970-241-2871 or visit hrwco.org.

Marisa Felix-Campbell, Marketing Communications and Fundraising Director, Housing Resources of Western Colorado.