Beware: Mortgage Scams Targeting New Homeowners
by The GBS "Mother & Daughter" Real Estate Team 01/18/2025
Purchasing a home is a significant milestone, often marked by excitement and a sense of accomplishment. However, this achievement can also make new homeowners vulnerable to a growing array of mortgage scams. Unscrupulous individuals and companies capitalize on the complexities of the mortgage process and the emotional whirlwind of buying a home to deceive homeowners.
One common scam involves fraudulent mortgage relief services. Scammers pose as legitimate companies offering to negotiate with lenders to reduce mortgage payments or interest rates. They often require an upfront fee, promising significant savings. However, after homeowners pay, these scammers disappear, leaving behind financial loss and unmet promises.
Another prevalent scam targets new homeowners by claiming they need to pay for a title deed copy. Scammers send official-looking letters demanding payment for a service that is either unnecessary or much cheaper through legitimate channels. This scam exploits homeowners' unfamiliarity with the home-buying process and the flurry of paperwork that comes with it.
To protect yourself, always verify the legitimacy of any company or individual offering mortgage-related services. Consult your lender or a trusted real estate professional before making payments. Be wary of unsolicited offers, especially those requiring upfront fees. Remember, if it sounds too good to be true, it probably is.
Staying informed and vigilant can help you safeguard your financial investment and enjoy the rewards of homeownership without falling victim to scams. As new homeowners, arming yourselves with knowledge and skepticism can be your best defense against those looking to exploit your achievement.
Be Blessed,
The GBS Team
Gwen & Scherrie
