Ann Arbor Buyers Beware of New Mortgage Scam

Today we received a notice from the Ann Arbor Area Board of Realtors alerting us to a new mortgage scam floating around the country.

How it works

This scam involves sending letters to borrowers to inform them that a new company has assumed the management of their loans and to start making mortgage payments to the new company. The selling of mortgages is a pretty common thing so BUYER BEWARE!

Since many home owners aren’t familiar with the mortgage transfer rules, they follow the directions of the letter.

A month or two later is when they realize they’ve been tricked. But, not until they have made several mortgage payments to the crooks.

Mortgage Servicing Rules

The FDIC Mortgage Servicing Laws require that they receive 2 letters.

1) One from the current company notifying them that as of a specific date their payment should be sent to a new company and

2) One from the new company that provides mortgage payment information (principal, interest, and escrow). Both letters should include the loan number.

Another precautionary measure, borrowers may contact their original company to verify that the letter they received is legitimate.

If you are looking to buy a home in Ann Arbor, check out our home search site with Google maps, Satellite images and multiple photos.

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