Williams Title Guaranty and Escrow Agency, Ltd.

	News Flash!
	Denver awarded $29.3 million to boost foreclosure recovery Federal stimulus funds to expand efforts underway to acquire, redevelop and resell foreclosed properties through Neighborhood Stabilization Program. The U.S. Department of Housing and Urban Development today announced $29.3 million in Neighborhood Stabilization Program (NSP) funding to benefit Denver. The Denver Office of Economic Development will receive $18,994,444 and Chicanos Por La Causa, Inc. will receive $10,263,440 to address residential foreclosure and to spur the revitalization of Denver neighborhoods heavily impacted by foreclosure. (Read More) Notable News in the Real Estate Industry In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, the U.S. Department of Housing and Urban Development (HUD), has come up with a plan. As most of you know, FHA currently prohibits insuring a mortgage on a home owned by the seller for fewer than 90 days. (Read More) NEW RESPA ISSUES PERTAINING TO TITLE INSURANCE The Real Estate Settlement Procedures Act (RESPA) requires that loan originators (lenders or mortgage brokers) provide borrowers with a Good Faith Estimate (GFE), along with a list of services providers for such services as title insurance, survey, pest inspection and home inspection (among others) The GFE explains that if YOU, as a borrower, use the service providers selected by the loan originator or from the list of providers given to you by the loan originator YOUR costs for such services cannot in total, increase by more than 10%. However, if you choose your own providers, such charges may change at settlement. While “change” can mean increase or decrease, we believe that many borrowers – especially in these difficult financial times – may interpret the GFE language as encouraging you to STICK with providers selected or identified by the loan originator.(Read More) On March 24, 2009, Colorado Gov. Bill Ritter signed House Bill 1091 that requires Carbon Monoxide detectors to be installed in most homes that are new or sold starting July 1, 2009. This legislation was brought on by two incidents that resulted in deaths. One was in Aspen, killing a vacationing family of 4 from Parker and the other killed a 23 year old Denver University student. Both of this homes did NOT have a carbon monoxide detector. (Read More) Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). (Read More)