Scam Alert: Loan Servicer Takeovers
In this environment of mortgage finance turbulence, consumer advocates warn of the reappearance of an old scam whereby a third party comes along and claims to be the new servicer of your mortgage loan. They then begin collecting your mortgage payments (as many as possible until discovered).
This is an insidious scam because many people's mortgages will indeed change servicers, and on the surface they all look similar.
Here's how to fight it: By law, when your loan is sold, both the current lender and the new lender must notify you in writing. If you get the notice, call your current lender (using a number on your mortgage coupon or older paperwork—don't trust the number on the new letter) and ask if your loan was sold. If you just send the payment without checking, you may quickly be out of a large sum of money.
Stay safe and stay solvent!
—The Mortgage Lender Implode-O-Meter staff