Seeking Advice About Mortgage Companies in Colorado

L.,

You might want to take a look at Colorado's fair credit Act. A company cannot change your interest rate or loan, even if they sell it to another company without your consent or approval.

1. Request that the company send you all of their documentation, there are websites that teach you how to write up your response.

2. Make sure they know that you know the law.

3. Don't be afraid of them. If they are attempting to change your interest rate or loan you can sue them, that take money on your part, but if you put as much of their business out there and have the documentation to prove it, that works in your favor.

4. Be persistent and save every single bit of information that you get from them. File it, and tuck it away.

5. Try to get out of the loan as quickly as possible by paying down the principle on the loan. To do that, you simply sind in payments between your regularly scheduled payments with a note in the sideline that says that it is to be taken from the principle and not the interest. If in your next statement the company did not comply with your wishes then that is one more thing you can put before a judge.

6. Here is a url that might be of assistance in dealing corrupt lending practices: http://www.hud.gov/local/co/homeownership/predatorylendin...

I am sure that this sounds like a lot of work, but the main thing is that, you should not have to pay more then you agreed to pay for this house, the company has no right to alter your terms, and the only defense against such a huge company is to go after them with their own information.

Who knows you might just take them to court, force them to pay your fees and get the judge to get them off your back once and for all. However, if you are not willing to go to court, do your best to get out of the debt by paying it off as soon as you can.

I pray this has been helpful to you.

Tom Martino can be a great resource but also recognize that companies pay big money for him to list them on his website(and they have to have a good reputation). The key is finding a mortgage broker that you can trust and that is very difficult in today's market. I'm a financial planner and don't do mortgages, but do know lots of sad stories of how people get taken badly by mortgage companies. I highly recommend you get out of this deal as fast as you can! If they are making changes all the time...chances are they are going to screw you somehow if you miss one important detail...and they are counting on that. I just recently had a neighbor whose house went into foreclosure because of a bad mortgage bait and switch deal!
I know a mortgage broker that you definately can trust to give you the real scoop on what's probably going on in your specific case. Her name is Marilyn Sweet (Boulder Mortgage Company) and she is in Boulder. I don't know if that is close to you, but it doesn't really matter. I've known her for years and she really cares about helping people understand how the mortgage industry works, and will tell you if something doesn't add up if you're using another mortgage company. She'd be happy to just talk to you on the phone and help out if she can. Her number is ###-###-####.

Call the Better Business Bureau. They will be able to help you too. Good luck!

My suggestion is to call Tom Martino like the rest of them. I hope you get through!! He'll do all he can especially if it's a company on his referral list.

Hi L.,

Colorado doesn't regulate mortgage companies as stringently as other states might. Still, it's not just Colorado. There's been an influx of articles in national publications lately about the mis-practices of the business.

My husband is a mortgage broker. His first job was at a company which pressured him to do exactly what you described. He resigned the next morning. He is now making an honest business at STS Financial, but over time he's seen SO many other mortgage agents and brokers deceive clients as a regular practice. It's really quite alarming.

If you want a legitimate, expert assessment of your current contract and any possible options you may have, you can always give him a call. His name is Chris Harrison. Call him at ###-###-####.

Best of luck!

S.

My husband swears by Tom Martino. He is a troubleshooting show on the radio and website are great resource for anything consumer based that has gone bad. Also check his referrallist.com for possible new mortgage companies.

I agree that Tom Martino (www.troubleshooter.com) has great articles on his website about predatory lending and things to do about it. It might be worth calling his hotline to talk to someone about it. He also has a referral list to find a better mortgage company (www.referrallist.com).

Good luck!