Consumer Fraud Alert: VA Mortgage Fraud Prevention Tips

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These tips for detecting and preventing VA home loan the fraud comes from the Consumer Financial Protection Bureau. Many military personnel, veterans, and military spouses have received fraudulent calls and letters from companies claiming to be affiliated with the government, VA, or their home loan service. These calls or emails often try to persuade you to refinance your home, agree to a loan change or pay the loan with a purchased money order. They may also try to convince you that your home is in foreclosure.

Beware of any person or lender who contacts you and:

  • Asks you to make a prepayment before receiving any services
  • Asks you to cancel your mortgage payment and resend funds elsewhere
  • Asks to pay for the mortgage by money order or gift cards.
  • Asks you to make mortgage payments to someone other than your current loan provider.
  • Asks you to stop paying your mortgage completely
  • Indicates that they are calling on behalf of the VA or another US government agency.
  • Guarantees to change the loan or terminate the foreclosure process
  • Asks you to sign title to your property
  • Forces you to sign documents that you did not have time to read carefully or that you do not understand
  • Or other unusual suggestions or requests

Never share personal information with a lender or service personnel who unexpectedly contacts you. Scammers can deception phone numbers, so you can’t rely on caller ID. If you’re unsure of something, it’s always safer to hang up and call the credit office directly at the number on your mortgage statement.

What to do if you spot a scam

If you are a victim of or notice a scam, you should first file a complaint with your state’s attorney general … You must also report this to the FTC at ftc.gov/complaint

What the CFPB Does to Prevent Fraud and Fraud in VA Home Loans

In response to concerns raised by the VA regarding potentially illegal advertising in the mortgage market, the CFPB recently conducted a deployment of investigations of several mortgage companies who used fraudulent email programs to advertise VA-guaranteed mortgages. This sweep resulted in more than $ 4.4 million in civil fines. These investigations reflect a commitment to enforcing laws to ensure financial market fairness and protect consumers from fraud, including military personnel, veterans, and surviving spouses who are eligible for VA-guaranteed mortgages.

If you are having problems paying off your mortgage

If you can’t pay off your mortgage or are worried about missing out on your mortgage payment, you have options. The first thing to do is call your mortgage agent. Explore steps to take, relief options and where to go for help with your mortgage

Take advantage of our control List for more information on how to avoid foreclosure.

you also can visit the VA website or call the VA Regional Credit Center at 1-877-872-3702 for more information.

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