By Angela Lanfranco
Colorado Foreclosure Scams
Folks in Colorado and all over the United States could find themselves victims of fraud when trying to refinance because of Colorado Foreclosure Assistance Scams. We at Golden Lenders are not only licensed and qualified lenders, but we’re also here to educate you on what to look out for. Over the recent times of the economic meltdown, crooks have figured out new ways to extort money from vulnerable people in financial dilemmas. Don’t find yourself in a worst situation than you already may be in. There are many different types of foreclosure assistance scams out there, and a handful have actually came through Colorado. These crooks prey on folks who have lost there job, maybe contacted them through a phony website or even called your house. Be on the watch out and apply the “If its too good to be true, it probably is” rule.
Colorado Foreclosure Scam Tactics
Foreclosure Assistance Scam one- The Paid Profesional Negotiator Scam
The thieves normally will try and act as a liason between you and your lender. Like most financial consultants, they persuade you to let them handle the banks and creditors. When you pay the initial fee, you get nothing.
Foreclosure Assistance Scam two- The Falsified Bankruptcy Filing
They promise you everything above, and then some. After they pocket your money, the foreclosure does stop – But its only temporary. After your done with this scam, it could cost you your credit, court fees (they fail to tell you about court dates), your home, and then the money you paid them.
Foreclosure Assistance Scam three- Bait and Switch
You begin to think there is hope… while you are signing your new 4 % loan where your payments are exteremely low, you later find out you signed over your title. This is a very popular scam because it seems so realistic and ensuring. Be careful with this, make sure you have an attorney look over paperwork if your not sure.
Help with Colorado Home Foreclosure and Refinancing
Where there’s a will, there’s a way. Golden Lenders has helped numerous folks keep their homes from foreclosure. The key to defeating foreclosure is preparing early on. We are here to not only assist you, we are truly here to help you. It does us more good as a lender to help you keep your loan than to allow you to default on it. We are qualified and have been doing business in Denver for almost 16 years. We are licensed and will assist you with a refinancing option that can help you save your house. During these stressful times, we at Golden Lenders do not want to see you go through any of these Colorado Foreclosure Assistance Scams. Contact us today to discuss your options – You’ll be glad you did.
By Angela Lanfranco
Colorado FHA Mortgages
Trouble Ahead for HUD
As Colorado homebuyers examine their options for home loans and apply for financing in Denver and throughout the state, they may look into federal loans as an alternative to private lenders. Indeed, following the meltdown of the subprime mortgage market, the Federal Housing Administration has increased its market share from 3% in 2006 to 30%. But can its resources and dated systems sustain this explosive growth? Policymakers both inside and outside of the FHA have expressed concern that the FHA’s programs are overtaxed and vulnerable.
The FHA is self-funding, using mortgage insurance premiums to generate its operational budget and to settle defaulted home loans. A slight tip in the balance caused by an unexpected increase in defaults could easily drain all reserves, a contingency which could be especially troublesome since the FHA’s market share is so large.
In a dismal economic climate where unemployment is relatively high, it is no surprise that the FHA has stated that default-related losses and foreclosures are indeed exceeding projections. The rapid increase in volume of loans granted also may correspond to a higher likelihood of fraud, as some critics have pointed out.
The FHA does not sufficiently investigate the backgrounds of the lenders whom it licenses. Therefore, those who misused the system by selling the illegitimate subprime loans may be able to misuse FHA licensing even further. Between 2004 and 2006 alone, over 6,000 FHA home loans were foreclosed in Colorado, well before the subprime market fell through. The problems were exacerbated by a number of HUD programs specifically created to skew the true feasibility of the home sale.
It is no wonder that the FHA would struggle to keep pace in doing due diligence in investigating recipients of licenses: the number of licensed lenders increased from 16,000 to 36,000 between the summer of 2007 and the fall of 2008. Leading up to and during this growth spurt, the size of the FHA staff has stayed approximately constant.
Admittedly, the requisites for FHA loans have always been less stringent than for private lender loans. However, its leniency is likely to become increasingly burdensome. And the FHA is no private lender: if its costs exceed the revenues generated, its expenses will become the burden of taxpayers.
At Golden Lenders, we beleive in helping you secure government options for home lending! Contact us today for a free consultation about what we can assist you with for your next Colorado Home Loan.
By Angela Lanfranco
New Colorado Refinance Program from Fannie Mae
Denver Colorado Streamlined Refinancing
Denver Home owners could be in for a big incentive based on the new program by Fannie Mae. Some home owners who are facing home value losses could see some stimulus. If you live in Colorado and have a Fannie Mae loan, GoldenLenders would like to talk with you. If you are currently in an ARM or interest only, we may be able to assist you in securing a more stable loan and reduce your monthly payments.
FHA Streamlined mortgages in Colorado
This program is designed to assist homeowners in getting a better rate without the hassle of all the historical documentation. Turnaround times can be quick and painless. If you meet the following criteria, you should qualify for the FHA Streamline refinance option:
- 1 year no late payments on your mortgage.
- You have an FHA loan.
- You’re currently up to date with your mortgage.
- Provide your Social Security Number.
What’s so great about this new program? You do not need to go through the appraisal process. You get to refinance the original amount of your loan even if your home has lost value. This refinance option will lower your payment and your interest!
What to expect?
You will not get more than the original amount for starters. If you are looking to make any money, this is not the program for you. This process can be completed very quickly and it’s painless. Little documentation is required and the only thing you would need to do is show proof of your Social Security Number.
Got Questions?
Not sure if you have an FHA Loan? Give us a call – We can assist you!
Golden Lenders will be pushing this new refinancing until it expires. Give us a call or send us an email today!
By Angela Lanfranco
AMAZING CO HOME LOAN RATES
People in Colorado are refinancing their homes loans all over the state. While the rest of United States struggles with the economy, employment, and financial crisis, Colorado is standing firm throughout it all. Golden Lenders has seen a huge increase in the applications for refinancing in the last three months. If you haven’t looked at your options, you need to act quick. Time could be running out for great rates and this would be an oppotunity that you don’t want to miss.
You can consult with one of our Loan Specialists to weigh out your options. What hurt can that do? You’ll find that our lenders are offering you the most competive Colorado home loan rates in the market today. Staying competitive means informing home owners with not only good information, but ensuring they get the most out of their loan based on their future goals in their lives.
Most people on average that purchased their homes in 2003-2007 came in at 30 yr fixed loans with an APR of anywhere between 5.75% – 6.50%. If you haven’t looked into refinancing, you need to see how much money you’ll save by going with a Golden Lenders refinance loan that could save you tens of thousands of dollars.
As it stands: Based on Approved Credit and also rates subject to changing
Our rates (based on qualifications) for this month alone are as followed:
15 yr fixed 4.25%/4.59% APR
30 yr fixed 4.5%/4.67% APR
Could you imagine how much less your monthly payments would be? How much money you would save based on the duration of paying off your home? Why not give Golden Lenders a call or an email today? Colorado home loan rates couldn’t be better, we are here to assist all home owners in refinancing to clear a path to financial stability.
By Angela Lanfranco
Colorado Springs Home Lending- A Buyer’s Haven
Securing a Colorado Springs home loan can offer you an amazing opportunity to live in a wonderful place. As the second largest city in Colorado, real estate investors and possible newcomers alike have a keen in interest in the area. Colorado Springs home lending professionals like Golden Lenders are making some of the best deals possible. It’s easy to understand why so many people want to own a home here. The area is vibrant and has all the amenities of a large city, but none of the smog, traffic, and other nuisances that cities are known for.
Looking for Colorado Springs home loan? You’re in luck right now, as the market here is not exactly a seller’s heaven. It can however, be extremely in your favor as a buyer. Buyers are in control and can take advantage of historically low mortgage rates when obtaining Colorado Springs home lending services right now. The majority of homes are spending some time sitting on the market, and the price you’ll pay for a new home right now is very low compared to usual. Colorado home lending experts predict that the prices will begin to rise in the very near future though.
Since it’s a buyer’s market in the area, Colorado Springs home loans are also versatile, offering many options that are favorable for the buyer. You could likely negotiate the already low price on the home you have your eye one or even negotiate on a home that is on the higher end (that would normally be out of your range). Once you have your new home, hold on to it. The values are going to rise again and then it’ll be your choice to stay or cash out and net your profits. Professional Colorado Springs home lending companies will be able to get you into your dream home much less painfully than you may imagine.
Right now, Colorado Springs home loans are also being extensively used for investing into foreclosures or short sales. This only adds to the deals that are available to you as a buyer right now. If you’re using Colorado Spring home lending services to buy out a foreclosed home, you should still be certain of what you’re buying into. Check the historical values of the home, the area, and ensure there’s nothing severely wrong with the home before taking out a Colorado Springs home loan.
Just because the market isn’t for sellers now, doesn’t mean you shouldn’t buy here. Colorado Springs home lending professionals like Golden Lenders can explain why. Basically, the market is about to come back in the near future and when it does, this buyer’s paradise will turn to a seller’s paradise. So, get your Colorado Springs home loan in time to take advantage of these offers while you can.
