The Tribal Credit Committee would like to share a couple of reminders.
Do y’ou have a will? Wills are an important part of being a home owner. No matter what, things happen and we need to protect our loved ones. The BIA hosts a will writing project each spring. Young attorneys visit the Reservation to assist Tribal members and help write their wills. Several local Law firms are familiar with Indian Law concerning Assignments and Allotments. The Ignacio Community Library also hosts a Legal Clinic once a month. Their phone number is 970 563-9287. You may also contact the Lands Division 970 563-0125 for assistance with a Declaration of Beneficiary of Assignment.
Do you have life insurance? The insurance the Tribal Credit Division has you carry on your home, only protects you if there is damage to the structure of the home. The insurance payment will help replace or rebuild the areas that are effected by a fire, wind, water, hail or similar damage (check your policy for what it covers). If the structure is a total loss, the insurance will help with replacement costs. This insurance DOES NOT pay off the home loan in case of death. Life insurance assigned to the home mortgage is the only way to protect your family from the burden of a mortgage payment. Please contact your insurance agent for details.
If the home is owned jointly, life insurance is important to the surviving family member or members. The surviving partner will have to pay the entire monthly mortgage payment without any assistance.
For more information call the Southern Ute Tribal Credit Division at 970 563-4744 or 563-4797.
Knowledge is Power!
Definition of renter: Renter: rent·er \’ren-tər\: noun: one that rents; specifically : the lessee or tenant of property.
Homeowner; plural noun: homeowners, a person who owns their own home.
Synonyms: owner, householder, resident, occupant, proprietor