I realize housing prices are down in Georgia but we are very lucky that we have not been affected like other parts of the country. Everyone has heard of the problems in California and Florida, but here's a story you will not believe.
Post your comments on your thoughts.
Friday, March 6, 2009
Wednesday, March 4, 2009
My New Home, my piles of new mail.
You recently closed on your new home, the boxes are not yet unpacked, but the mail is piling up. What is going on and why does everyone need me immediately?
All these official looking letters, with their very important messages, demanding me to "complete and return immediately" or "requires your prompt attention" are really scaring me.
They must be real. If not, how would they know all my private information? Like my legal name, the name of my lender, how much I borrowed, how many years I financed my home? I need to fill this out right away, all 79 of them.
STOP. Put down your pen, walk around that huge stack of "important notices", and fire up the shredder. That's right, the shredder.
Unless those documents came in a envelope from your lender, not someone using your lender's name, it's just junk mail.
All the information from your largest investment is public record, at the court house, where ANYONE can look it up. Marketing companies are targeting new home purchasers and they are quite clever with the tactics they are using. They are using official looking letterhead with information you think is confidential, so it is natural to think you need to respond.
Be very, very careful before you complete anything because some are not just junk mail, they could be a scam.
Three that I am aware of:
Bi-weekly payment - A third party wants to collect your payment every two weeks and promises to pay your mortgage payment for you. The concern is they will take your money but not pay the mortgage payment. Bi-weekly plans are fine, just make sure your payment is to the mortgage servicer, not a third party.
Insurance - They want an upfront "processing fee" for credit life insurance. If you want to purchase additional insurance to cover your mortgage, fine, but contact an agent of your choice. Most will not require an upfront fee and you will likely be able to purchase it at a lower cost.
Homestead filing - They want a fee to handle the homestead tax exemption filing for you. It would likely come in a mailing that would make you think it is from the local tax office. The tax offices in our area require that you file it in person and that you bring in a copy of the recorded deed. It is not necessary to pay a fee because it needs to be filed by the homeowner, in person.
The bottom line is this: If you have any question as to the legitimacy of a mailing you receive, do not hesitate to contact your lender, or more specifically, your loan officer.
All these official looking letters, with their very important messages, demanding me to "complete and return immediately" or "requires your prompt attention" are really scaring me.
They must be real. If not, how would they know all my private information? Like my legal name, the name of my lender, how much I borrowed, how many years I financed my home? I need to fill this out right away, all 79 of them.
STOP. Put down your pen, walk around that huge stack of "important notices", and fire up the shredder. That's right, the shredder.
Unless those documents came in a envelope from your lender, not someone using your lender's name, it's just junk mail.
All the information from your largest investment is public record, at the court house, where ANYONE can look it up. Marketing companies are targeting new home purchasers and they are quite clever with the tactics they are using. They are using official looking letterhead with information you think is confidential, so it is natural to think you need to respond.
Be very, very careful before you complete anything because some are not just junk mail, they could be a scam.
Three that I am aware of:
Bi-weekly payment - A third party wants to collect your payment every two weeks and promises to pay your mortgage payment for you. The concern is they will take your money but not pay the mortgage payment. Bi-weekly plans are fine, just make sure your payment is to the mortgage servicer, not a third party.
Insurance - They want an upfront "processing fee" for credit life insurance. If you want to purchase additional insurance to cover your mortgage, fine, but contact an agent of your choice. Most will not require an upfront fee and you will likely be able to purchase it at a lower cost.
Homestead filing - They want a fee to handle the homestead tax exemption filing for you. It would likely come in a mailing that would make you think it is from the local tax office. The tax offices in our area require that you file it in person and that you bring in a copy of the recorded deed. It is not necessary to pay a fee because it needs to be filed by the homeowner, in person.
The bottom line is this: If you have any question as to the legitimacy of a mailing you receive, do not hesitate to contact your lender, or more specifically, your loan officer.
Subscribe to:
Posts (Atom)
