REALTOR® Magazine-Daily News-Scam Cheats Borrowers Out of Loan Payments

REALTOR® Magazine-Daily News-Scam Cheats Borrowers Out of Loan Payments.

Beware! There is a new scam out there designed to swindle thousands of dollars from you.

The Setup: A homeowner receives a letter in the mail instructing them that their home mortgage has been transferred to a new servicing company and to begin mailing their payments to the new servicer.

The Con: The servicer is a fake. Once the money is sent into the con the check is cashed and they make off with the dough. Most homeowners figure out they have been scammed within 1 -2 months, most likely, because by then their actual mortgage company is probably calling to find out where their payments are.

This scam can leave a home owner behind on their mortgage and out those couple of months of payments.

Protect Yourself: If you receive such a letter in the mail, it would be best to contact the company to whom you have been sending your payments an inquire about the status of your account. Mortgage servicing companies do sometimes transfer the loan to other companies so it is possible that your servicing company may change. But be sure that it did before sending you hard earned money into the wrong company or even a scammer.

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