A friend posted something on his Facebook wall that inspired me to write this quick beware. The newest mortgage scam is targeting new home buyers and those who have just refinanced their home. The scam involves receiving a letter from an apparent loan servicing company and states that they have bought your loan and that you should begin sending your monthly payment to them rather than the original lender. The letters look official enough but there are a few things that can help you avoid becoming a victim of this.
When using a lender, more often than not they are just a loan ”originator” who will sell the paper, or note, to what is known as a loan ”servicer”. The servicer then holds the note until it is paid in full. The trick of the scam is that most lenders will let their customers know that they will be selling the loan to a servicer and to expect to see a letter from the new note holder. This is what the scammers are hoping for. What you need know is that before you receive a letter from the new loan servicer, you will receive a letter from the company or bank that made the original loan stating that they will no longer be servicing the loan and to no longer send them a payment. Once you have received that, you will get a letter from the new loan servicer stating such info and the letter will be accompanied by a coupon booklet to send in with your payments. All of these communication will have your original loan number on them which will be missing from the phony letters.
Sounds clear as mud, huh! Remember, if you have any questions regarding your loan or if you feel that something is wrong, call your lender and they can clear up any issues you have. If you are thinking of buying a house in the Tulsa area or any of its surrounding communities, you can contact me through my website at http://chrisharmon.kwrealty.com. I can recommend a great local lender and help you find the house of your dreams.