Loan Servicing Questions and Answers
Contact the Housing Development Division at (719-) 385-5912, or email us at housingdevelopment@springsgov.com for the answers to these and other questions about your housing rehabilitation and affordable housing loans.
What loans do you service?
The Housing Development Division services housing rehabilitation and affordable housing loans. As of February 29, 2009, the loan portfolio consists of 553 loans totaling $18,621,331.28.
How can I find out if I qualify for these loans, and who do I contact with questions about my existing loan?
You can call (719) 385-5912 or email housingdevelopment@springsgov.com.
Where do I mail my payments?
You should mail your payments to the following address:
Housing Development Division
c/o Loan Portfolio Specialist
704 East Boulder Street
Colorado Springs, CO 80903
Does Housing Development Division have your CURRENT telephone number and mailing address?
Please contact us with any updates.
I have been sick lately and thinking about adding my son/daughter's name to the deed of my house with a quit claim deed. Do I need the City's permission?
Your rehab loan may become payable immediately if you transfer ownership. Contact us before you transfer ownership or if you have other questions about your loan.
Can I transfer my property to a "living trust" without the loan becoming payable? Transferring your property to anyone, including a living trust or relatives may mean your loan with the City needs to be repaid immediately. Contact us before you transfer the property.
Living trusts are being sold through mass marketing by several companies to senior citizens in one of the fastest growing consumer blitzes in the nation. These companies are selling living trusts to senior citizens by the use of misleading claims and representations. For more information or if you think you have been a victim of a fraud in the sale of a living trust, please contact the AARP Elder Watch toll free at 1-800-222-4444 or metro Denver, 1-303-222-4444. ElderWatch is a program with the Colorado Attorney General and the AARP Foundation.
Interest rates are low right now and I'm thinking about refinancing my first mortgage. I have a rehab loan as a second mortgage. What do I need to do?
Please call to discuss how refinancing will affect your City loan.
How can I get a free copy of my credit report every year?
Visit website www.annualcreditreport.com or telephone 1-877-322-8228 to order a free credit report from the three credit reporting agencies.
I have a Deferred Payment loan for the rehab of my home but I want to make a payment. Can I make a payment on the principal balance?
If you have a deferred payment loan you are not required to make a monthly payment. Your loan is not structured the same as a serviced loan with monthly payments. For example, you will not have a coupon book because your loan is not amortized. However, you can make a principal payment at any time if you want to reduce your loan balance. Before sending in a payment, please contact us so that we can give you specific instructions on how to make these special payments.
I am late with my payments on my first mortgage. I am not required to make monthly payments on my rehab loan. Do I need to notify the City that I have missed payments? Will my deferred payment loan become payable if I miss payments?
No, your deferred payment loan will not be payable if you miss a payment. Early intervention is the key to successful workout situations with mortgage companies. Please contact us as soon as possible so we can review your situation and make suggestions on how you can work with your mortgage company to avoid losing your home.
