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Ron Porter's Buyer's Advocate Articles
Helping Home Buyers understand...
Mortgage Transfer Scam Alert
The Mortgage Bankers Association is urging real
estate agents and brokers to warn their clients about fraudulent schemes
involving the transfer of mortgage servicing.
The schemes typically are run by fictitious
organizations that contact a borrower, falsely claiming that the mortgage
on his home has been transferred and that all future payments should be
sent to them.
Since mortgage transfer has become common, many
homeowners have experienced several changes in where they send their mortgage
payments, so most do not question this fraudulent notice.
The Mortgage Bankers Association suggests
that, if you do not receive a letter from the original mortgage servicer
about the transfer, you should contact the original servicer immediately
to verify the transfer before sending any payment to the new address.
Ron Porter, Exclusive Buyer Agent
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