Mortgage Scams Targeting Veterans

Image courtesy of MGN online

Image courtesy of MGN online

Veterans as well as current military personnel are being targeted by unscrupulous mortgage companies for mortgage reduction schemes and interest rate discounts. These companies often claim to represent the Veteran’s Administration and prey service members who are struggling to pay their mortgage. The reality: You have to contact the Veteran’s Administration for assistance, they will not contact you. If a mortgage company claims that they can guarantee a lower interest rate. Don’t believe it!

Bogus mortgage companies will make many claims that don’t hold water in the end. They will typically ask for money up front to “guarantee” the low interest rate and will demand payment via wire transfer. Thanks to the efforts of the FTC, this practice of immediate payment is now illegal, but don’t fall for this con. Once the money is sent, it is often irretrievable and the scammers gone for good.

Remember: If the deal sounds too good to be true, it usually is.

For tips on how to avoid this scam, check out Mortgage Refinancing Scams Prey on Military.

Want to donate to a Veteran’s organization, go to Wise Giving Wednesday: 45,000 Veterans Organizations for tips on wise giving.

To report a scam, go to the BBB Scam Tracker. To find trustworthy businesses, go to bbb.org.