By
Source: https://www.fcc.gov/document/fcc-eb-issues-c-cist-classification-green-mirage
There are so many types of fraud that real estate professionals should be aware of: wire fraud, title fraud, mortgage payoff fraud, foreclosure relief scams … the list goes on and on!
Beware! Recently, there has been a surge in scammers that are posing as the homeowner’s mortgage provider. The scammers tend to target homeowners who are having financial hardship and have previously sought relief from their actual mortgage lender.
The scammers are convincing because they appear to be the borrower’s mortgage servicer and have specific information about the borrower and their loan. Additionally, the scammers spoof the mortgage servicer’s phone number, so it appears as if the actual servicing company is calling the borrower.
Scammers will often threaten foreclosure but then offer the borrower relief if they make an immediate payment. The borrower thinks they are paying their mortgage company, but they are actually paying the scammer. Typically, the scammer directs the homeowner to pay a third-party “attorney” or upload funds to a Walmart Green Dot Money Card or similar account.
Sadly, many borrowers only become aware of the fraud after actual foreclosure proceedings begin.
It is important to remind current and future homeowners to be aware of all types of fraud and to always be skeptical when a third party is requesting payment. Consumers should always verify with the third-party company directly – using an independently verified phone number and contact information – before making payments, negotiating foreclosure or forbearance relief, or providing any non-public information to a company. It is important for consumers to be aware of all types of fraud before, during, and after the closing process.
This article is not intended to provide legal advice. This email does not create an Attorney-Client relationship, and nothing set forth herein is to be construed as legal advice or as a substitute for the advice of a duly licensed attorney. Seek legal counsel from an attorney admitted to practice in your jurisdiction if you need legal advice or representation.
