Mortgages are in the news constantly and with good reason. Many families need some sort of relief from time to time. If you are having difficulty with your current mortgage or HELOC, we suggest you take steps to work out any problems as soon as they appear. Besides calling one of the experienced lawyers at Coaty Marchant Woods, P.C., there are many other resources available.
The best place to start is an officer at the lending institution that holds the mortgage. Holders of mortgages in Colorado are required to have loss mitigation personnel. You can also call the Colorado Foreclosure Hotline at 1-877-601-HOPE (4673).
New mortgages and “Re-Fi’s” can raise many legal and financial issues. Again, the professionals at Coaty Marchant Woods, P.C. can advise you about Promissory Notes, Deeds of Trust, land use, zoning, water and mineral rights, title disputes and easements, to name just a few of the issues that can arise. The term of the loan, the “closing costs”, the APR, the security being encumbered, are all subjects a borrower needs to understand when creating a mortgage.
Reverse Mortgages are becoming much more popular. Watch for our next blog about the two types of Reverse Mortgages.