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


Verify a website below

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

vldtr®

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

TOP 4 MUST-WATCH FRAUD PREVENTION VIDEOS

1. 5 Ways You Can Spot a Scam Website in 2021
 
2. Top 5 Amazon Scams in 2021
 
3. Top 5 PayPal Scams in 2021
 
4. Top 6 Instagram Scams in 2021
 

THE MOST INSPIRATIONAL THING YOU WILL SEE TODAY - WATCH BELOW

 
Subscribe
Notify of
guest
2 Comments
Newest
Oldest
Inline Feedbacks
View all comments
ELTON THOMAS

very valuable information

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.

Find Scams