Another Mortgage Scam to Watch Out For!

The past few blog posts have dealt with a variety of different mortgage scams that unsuspecting homeowners often fall victim to. Today we have one more scam that’s happening all across the United States and is costing people thousands of dollars and in some cases even costs them their home. Ace Mortgage Loan Corporation is a full service home loan and loan modification company that works with anyone from Palm Beach to Miami! Stop by or call today to speak with one of our mortgage loan specialists and find out how you can get your mortgage fast and easy!

Big banks are notorious for buying and selling residential mortgages at a dizzying rate. This can cause a lot of confusion about who is actually in charge of your loan. Scammers can craft fake letters to home owners from fake companies which claim to be the new owner of your mortgage. These letters often give a new company name and address in which to start sending payments. Unsuspecting homeowners often believe these letters because scammers do everything possible to make them look and sound real. People then start mailing their payments to the new company and you can see how that would cause some problems. When your real mortgage company calls and says you missed your last few payments it can be a real eye-opener and by then the scammer has made off with your money and there’s no getting it back.

Not every letter is a scam however. As we discussed above, banks selling and buying mortgages is very common. Laws require both the old and new owner of the mortgage to contact the homeowner to notify them of the change. If you only receive one letter from the new company, you should immediately contact your mortgage provider and verify that the shift is legitimate because it very well could be fake or not, that’s why the scam works so well. Don’t call the number on the new company’s letter as you’ll probably just end up talking to someone who’s involved in the scam. They’ve most likely been coached on exactly what to say so they’ll sound even more legitimate than in the letter. Never ever trust a letter until you’ve verified with your mortgage provider.

When you’re unsure of where to turn when it comes to getting a home loan in Delray Beach, or anywhere else in South Florida, give the professional mortgage brokers at Ace Mortgage Loan Corporation a call as soon as you can!

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