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.

Scam Detectors Most Trusted Websites in Online Security
  1. (100): Surf the web safely. Clean up your browser, remove malicious extensions and check for privacy violations.
  2. (100): Delete your personal data from the internet and protect against scams and identity theft.
  3. ExpressVPN (100) Stay secure and anonymous online - Best VPN Out There

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

Verify a website below

Are you just about to make a purchase online? See if the website is legit with our validator:


loding img
Searching: Domain age, Alexa rank, HTTPS valid, Blacklisting, SSL certificates, Source code, Location, IP address, WOT Trustworthiness, Spam reports, Advanced technology, Privacy Policy, Terms of Use, Contact options
identity theft protection


1. Top 5 Amazon Scams in 2024
2. Top 5 PayPal Scams in 2024
3. How To Spot a Scam Email in 2024
selma hrynchuk
Selma HrynchukSelma is a fraud prevention specialist renowned for her expertise in private eye investigations and a remarkable partnership with law enforcement agencies. Beyond her investigative triumphs, her public speaking engagements and written works have empowered countless individuals to protect themselves and stay ahead of deceptive schemes. Selma's legacy shines as a tenacious agent of change, unyielding in her commitment to battling fraud and ensuring a safer world for all.

2 thoughts on “Loan Moved to New Company”

  1. Fausto Pruiett

    if your parents did not cosign the loan, than these creditors can’t touch them, period…no matter if you live with them or not. you could not have secured the loan against the home, because you don’t own it. that would be no different than trying to secure a loan against the brooklyn bridge or stonehenge.

Leave a Comment

Your email address will not be published. Required fields are marked *