By Erin Tucker
If you get an unexpected letter from your mortgage company, look closely! According to numerous Better Business Bureau Scam Tracker reports, the letters are
a deceptive solicitation for a home warranty service.
Here’s how the scam works:
You receive a letter that appears to come from your mortgage provider. It’s allegedly from the company’s “Home Warranty Department,” and claims that your home warranty must be renewed.
Before acting, look closely at the letter. One BBB Scam Tracker report noticed: “At the very bottom of the letter in small print is the comment, ‘Not all consumers have previous coverage. We are not affiliated with your current mortgage.’”
If you don’t read the fine print, or it doesn’t appear in the letter you receive, you're likely to be concerned your home warranty has lapsed, and your mortgage is at risk. But if you call the number and “renew” your warranty, you won't be dealing with your mortgage lender. Instead, you will have given money and personal information to a company using deceptive advertising tactics to trick you.
Here’s how to avoid the scam:
If you receive any correspondence about your mortgage or home warranty you aren’t sure about, don’t use the contact information in the message. Instead, call your lender directly to inguire about the matter. Look up their contact information separately on your mortgage bill or search for your lender’s customer service line on their website.
Don’t let scammers pressure you to act immediately, even if they say you could lose your home. If someone tries to use scare tactics, stop communicating with them and contact your bank or lender directly.
Thanks to the BBB for keeping up updated about the latest scams, and shared with you today because we care about you all the time; not just when we're litigating a case on your behalf. As always, call us if you need us.
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