It seems there’s a new scam that pops up almost every day. Whether it’s someone calling about the viruses on your computer, is to your Microsoft account, or wanting you to send money to Nigeria, there will always be someone out there looking to scam you. It’s important to know what’s going on so that you can prevent it from happening to you.
If you’ve recently closed on a house or you are buying a house in the near future this is an important scam to be aware of. Once you sign all of your closing documents at the title escrow company, those documents are filed and a lot of that information becomes public knowledge. Now, your confidential information still remains confidential, but scammers can find out that you’ve recently purchased a house and this is their set up for the scam.
About two or three days after your transaction closes or even before it closes but after you’ve signed, you may get a phone call from someone stating they are with your new lender or even the title escrow company. They’ll ask to verify some information. Most homebuyers don’t think twice about this. They’ve already been giving a lot of information over the last 30 to 45 days so this doesn’t seem that unusual. The problem is, they are not from your title company or even your lender. By giving them your Social Security number, information on your closing date, address, mother’s maiden name, and/or birth date, you’ve given them a lot of ammunition to steal your identity and your money. Read More on Title Insurance
Some scammers pose as your new lender and actually tell you to start sending money to a new address relatively for the statement in the mail. They might tell you that the statements have an error and to send your mortgage payment to the address and a give you. This, of course, will send the money directly to the scammer and then your mortgage company will call and wonder where their payment really is.
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If you get any phone calls asking for this type of information right after you’ve closed within the first month or two, get a phone number and say you will call them back with the information. Then call your lender, loan officer, or title company and ask if they have called you. Lenders usually will not call you directly and ask for this information. They may call and ask where their money is, but they usually will not ask for verification.
The point is, don’t give anyone any personal information over the phone unless you are 100% certain they are not trying to scam you. If anything seems out of the ordinary, just confirm it with the companies and people you trust first.