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At some point, homeowners may be contacted by a third party offering to help refinance their FHA home loans. Home loan refinance scams seem to have grown in volume over the years, thanks in part to the pandemic and thanks in part to wider reporting of those scams when they occur.

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Have You Been Contacted About Refinancing Your FHA Mortgage?

April 15, 2022

Have You Been Contacted About Refinancing Your FHA Mortgage?
At some point, homeowners may be contacted by a third party offering to “help” refinance their FHA home loans. Home loan refinance scams seem to have grown in volume over the years, thanks in part to the pandemic and thanks in part to wider reporting of those scams when they occur.

Some are victims of such scams, but it’s possible to avoid them by being aware of how these swindles operate. There are “best practices” you can use to protect yourself, especially if you are in a situation where you need to act to save your home from loan default or foreclosure.

One major indicator of a scam is how you are contacted. Did you initiate it or did it come uninvited? An unsolicited phone call, text message, e-mail, U.S. mail, messaging on social media, or any other method should be considered extremely suspect.

Another clear indicator that you should proceed with extreme caution? The presence of  high-pressure sales tactics in any communication with you about your mortgage.

Don’t give in to the artificial “deadlines” a scammer is trying to impose on you. It’s also a bad idea to respond to any attempt to get you to sign, click through, or download ANYTHING that comes from a third party that you did not contact first.

When you deal with someone trying to sell you home loan refinance or foreclosure prevention offers, does the caller seem like they aren’t familiar with loans or are unable to answer your basic questions? Also beware of poorly worded, badly spelled text in any written communication pretending to be from an actual bank or lender.

Real lending professionals don’t send out error-filled communications; financial institutions have marketing departments; bad grammar and poor spelling aren’t just unprofessional; these are also a warning that you might not be dealing with who you think you are.

Another warning sign you are dealing with a scammer? When they offer you financial incentives like the ability to “skip” payments when you refinance. But refinance loan offers for any government-backed mortgage including FHA home loans when they are NOT scams? They don’t offer to help you skip payments--FHA home loan rules do not permit this.

Do you have doubts about a home loan offer? Trust your instincts. It’s best in such cases to simply move on. Report any attempted scam to the Federal Trade Commission at 1-877-382-4357 and submit a complaint to your State Attorney General.

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