Mortgage scam aims to divert your monthly payment

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Mortgage scam aims to divert your monthly payment
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RIP-OFF ALERT: Got a letter in the mail saying your mortgage has been sold to a new servicer? It could be a scam aimed at bilking you out of your monthly payments!

The Los Angeles Times reports that phone baloneys are sending official looking letters purporting to be from both your “old” lender and your “new” lender. These letters have deep info on you and your existing mortgage, including the balance, interest, monthly mortgage payment and escrow (if applicable.)

Believe it or not, there is no protection for you under the law if you take the bait and starting sending your payments to the bogus “new” lender. The result is you end with a painful trifecta: A negative mark on your credit; a payment you never recover; and a payment and late payment due to your real lender.

So follow this advice to stay out of harm’s way: For at least a month, continue to send your payment to the “old” lender. (There is a federal law in place that protects you for several months if you mistakenly continue to send your payment to your prior lender after your loan has been sold.)

Then in addition, call your lender at a number you know to be valid from your last statement or your payment coupon and ask them if the loan was sold. If they say yes, write down the name of the individual you spoke to, the date and the time, just so you cover yourself.

In life, there’s only so much we should have to put up with. I know it’s beyond ridiculous when you have to follow these steps. But please do this because otherwise you’re the one who gets stuck with the hot potato.

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Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
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