find scams

Loan Moved to New Company

How the scam works:

Scammers use phony letterheads, sending letters to loan borrowers stating the bank handed over the responsibility for servicing their home loans to another company.

This was the case with Bank of America customers being informed that their home loans were moved to Great Western Business Services, a phony group created by scammers. The letters trick people into sending their mortgage checks to a post office box registered to the new company.

To make it look more official, scammers set up phone lines for the newly created company, answering calls from people who receive letters and want to check if that company really exists. Once the scammers receive the victims' trust, they will ask for bank account confirmation and other personal info.

How to avoid the Loan Moved To A New Company scam:

If you are not sure, call your bank to verify, not the new company that has contacted you.


How to report the Loan Moved To A New Company scam:

Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:

Report To The FTC Here


How to protect yourself more:

If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.


Related Articles and Pages:

Full List of Real Estate Tips and Scam

Change My Address/Free Change of Address Scam

Real Estate Leads/ Mortgage Lead Generation Scam

Dual Flush Toilet/ Low Flow Toilet Rebate Scam

Mortgage Loan Modification Via HAMP/HARP Programs

How To Stop Foreclosure Scam

Solar Panels For Your Home Scam

Water Heater Repair Emergency Plumbing Service

Fake Landlord Renting Property

Cheap Home Security Systems Scam


Educate yourself with the videos below:


1. Top 5 Amazon Scams in 2020


2. Top 5 PayPal Scams in 2020


3. The Nigerian Scam [Docu-Drama]

This movie shows how a victim lost over $30,000 to an intricate scheme which is still around years later.

Add Your Comment

Editor's Choice

list with government grant. for individuals

coronavirus face mask scam

submit a scam button