Better Business Bureau warns about mortgage scams

BATON ROUGE, La. (WAFB) - Buying a house can be exhausting. Not only did you spend months hunting for the right property, but you may also be navigating a host of scams designed to separate you from even more money.

The Better Business Bureau is warning you about mortgage scams. It’s where someone contacts you by mail or phone saying they are with your mortgage company. They will tell you that your warranty is not in place and that you need to take care of it quickly. Carmen Million, President and CEO of the South Central Louisiana BBB said this is similar to a phishing scam and will use fear to make you move quickly.

“This particular scam goes on and off,” said Million. “You know they’ll get this letter that says they need to have this warranty and if they don’t take advantage of this warranty option, the fees will either go higher or some kind of detrimental thing that’s going to happen to them. They are always based on fear and we see this all the time.”

If there is a company that’s stating that they are with your mortgage company, especially if they ask for personal information, hang up the phone and don’t respond to mail or email.

If you want to get a warranty on your home, you need to investigate and see which companies are legitimate. You can learn more on bbb.org.

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