Scam Series: Mortgage Scams

If it sounds too good to be true, it’s usually a scam. It’s important to be aware of the lurking threats to your finances and personal well-being that can be easy to believe over the phone. National Affordable Housing Network wants to produce some tips for protecting yourself from these kinds of scams and be an available resource to reach out to for help. This is the first article of a three week series to educate our readers about scams that have become more prevalent in recent months. This week’s topic is Mortgage Scams.

First and foremost, government agencies will never call you before they send you a written form of communication. If you receive a call that is claiming to be from a government agency and they ask for any information, it is most likely that it is a scam. It is also possible that you may receive a call, email, or letter from someone that appears to be your mortgage lender saying that they can reduce your monthly payment. Before you make any changes to your regular payment schedule for any reason like this we encourage you to either call your lender to confirm that change or give NAHN a call so we can help you verify the need for that change.

There are few different ways that scammers try to take your money or information in the area of mortgage scams. One of the most common ways is that they will tell you that you can refinance your mortgage by sending the scammer, pretending to be your lender, money a VISA card or money order. Another common scam is that they will try to scare you by telling you that your house is entering foreclosure. Before you take ANY action on these, hang up and call your lender directly or call NAHN. 

National Affordable Housing Network is here to help provide you the necessary tools to improve your financial situation at no cost. Our office can be reached at (406) 782-8579 from 9 AM – 5 PM Monday through Friday. You can also fill out our New Client Intake Form to take part in our other programs, like our free Credit Counseling service.