2013 Board of Directors
Bruce Gottschall,
President Patricia Abrams, Vice-President Ofelia Navarro, Secretary Lawrence Grisham, Ex-officio Director Calvin Holmes, Treasurer Joy Aruguete Joel Bookman Pamela Gecan Edward H. Jacob Michael Jasso Brenda Palms-Barber Rosanna Marquez Robert McGhee Guacolda Reyes William W. Towns Marva Williams Staff
Kara Breems, Executive Director Teresa Lambarry, Outreach Director |
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Dear CCLT Homeowner,
The June issue of the CCLT newsletter is about scams!
We are all smart individuals but sometimes we are naive and trust the wrong person or company.
We have also all heard stories of people taking advantage of another person and taking their hard earned cash through some sort of scam. In this month's Featured Article I talk to you about some of these scams, so you don't fall prey to them! Enjoy the Newsletter.
Sincerely,
Teresa Lambarry
CCLT Outreach Director
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There are always scam programs out there just waiting to take your money, especially now that you are a homeowner and have a significant asset - your home. Other programs are not scams - but charge you a lot of money for something you can do yourself. Here are a few examples:
1. Bi-monthly mortgage payment: These are not by themselves bad. In fact, making your mortgage payment twice a month results in 26 payments per year, which helps pay off the principal balance earlier, saving you interest. However, there are companies that will set up your mortgage payments to be paid every two weeks charging as much as $800. You can often do this yourself by simply contacting your lender.
2. Consolidated credit card debt: Magazines, newspapers and TV frequently have ads for companies offering to help you get out of debt. These are generally consolidation type loans with hefty service fees attached. One free tool - PowerPay - lets you calculate how long it will take you to pay off a debt. If you have access to a computer, check it out https//powerpay.org.
3. Mortgage Life Insurance: This is not exactly a scam but may not be a good option for most people. The holder of your mortgage may approach you about buying mortgage life insurance. This type of insurance charges you monthly to pay off your mortgage in case of your death, but it is costly. You may be better off taking out a term life insurance policy in an amount that would provide the funds for your heirs to pay off the mortgage.
4. Stimulus Grants: With this latest scam, Internet crooks offer to help you qualify for "stimulus funds" - after you have paid a fee, of course. They may even send you a check, asking for your bank account so they can make a direct deposit. Needless to say, stimulus funds are not distributed this way - and your bank account may be emptied.
5. Check before you invest: If you have a question or complaint regarding an investment or an individual who is offering investment opportunities or advice, you can call the Securities Division of the Illinois Secretary of State at 800.628.7937. They regulate entities offering and selling securities, Broker-Dealers, Investment Advisers, salespersons and representatives of Dealers and Advisers, Loan Brokers, Business Brokers, and those offering Business Opportunities.
"Check before you invest. Remember when investing, like the saying goes 'if it sounds too good to be true, it probably is'."
For a list of the latest "scams" in your area, go to your state government's Attorney General Web site:
They also have consumer protection information.
Article adapted from NHS Keeping the American Dream
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You worked hard to save money and get your credit in order to buy a house. Be careful to not lose all of your hard work. From moving day until after you've paid off your loan, businesses will want to lure you into buying their goods or services. Extensive research has been done on what new homeowners buy. There will be businesses targeting you because they know you probably have one or more of the following:
- Good credit
- Desire to buy goods and service
- Equity in your home
Some purchases are important for your new home - others are a waste of money.
Businesses can find out who is a new homeowner by checking local records, so it is likely you will receive telephone calls and mail solicitations for goods or services such as:
- Water softening systems
- Credit card offers
- New furniture
- Lawn services
- New paint job or siding
Television commercials urge you to use your equity to pay off credit cards, go on vacation, have a "dream" wedding, etc. Proceed with caution! Ask yourself, "Was I able to save for and buy a home by having numerous credit cards and making large purchases that required taking out a short-term loan? The answer is a definite NO!
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Learning Opportunities from our Partners
| As the most comprehensive green design educational resource in the Midwest, the Chicago Center for Green Technology promotes and advances sustainable homes, workplaces and communities through their innovative offerings including: Green Tech U seminars; guided and self-guided tours; the Green Building Resource Center, and much more.
They are open to the public -- novices and professionals alike -- six days a week and encourage you to stop by to visit their LEED Platinum facility.
Green Tech U offers classes such as:
Micro-Farming in The Big City - You don't need a lot of space to grow a lot of food. Todd Jones of Every Last Morsel speaks from his experience and through examples of garden spaces throughout Chicago.
De-clutter and Redesign - create new pieces from your used items, you learn when to up-cycle and when to donate and were to go for help.
Many of the classes are free and open to the public. Please use this link to find out about the different classes and to sign up.
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Get Involved in Your Community
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Community Arboretum Workday
Join Openlands and the North Lawndale Greening Committee to mulch trees and clean up this site.
Saturday, June 29, 12:30 to 3:30 p.m.
Betty Swan Arboretum - 3840 W. Arthington St. For information call Doretha at 773.533.7620.
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Community and Ward Information
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CCLT homeowners live in the 2nd, 3rd, 26th, 27th, 28th, 35th, 46th, and 49th Wards. Click the links below for information regarding your Alderman, your Ward, and your Community, including, in some cases a link to sign for the Ward's newsletter. If you are in a different Ward or do not know what Ward you are in, please give me a call or shoot me an email and I will let you know.
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Event Calendar
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Click here to visit our calendar, for information on Post Purchase CCLT homeowner classes and workshops sponsored by our partners that are available at no cost. |
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