Watch out for these VA home loan scams

On Behalf of | Jul 23, 2021 | Consumer Fraud

Recently, an alarming number of people with VA home loans throughout Minnesota have been receiving calls and mail from scammers. These scammers use a wide range of tactics to try and con their potential victims. Fortunately, you can protect yourself from these fraudsters by learning about some of their most common strategies.

How are scammers targeting people with VA loans?

Scammers are utilizing many methods to entice people to give out their personal information. In most cases, these people will act as if they’re working on behalf of a legitimate company or government agency. Some also claim to be from the Department of Veterans Affairs or even pretend to be calling as your loan servicer.

The most common signs of a VA home loan scam are:

• Getting told to make payments to any person or company besides your loan provider
• Receiving a request to sign over your property’s title
• Feeling pressure to sign documents without being able to read or understand them
• Getting asked to cease making any further mortgage payments
• Or receiving any other requests or demands about your mortgage that seem strange.

What to do if a scammer is targeting you

If you feel that you’re the target of a scammer, it’s a good idea to report what happened. You can help ensure that consumer protection laws are getting enforced by reporting your incident to the FTC.

In conclusion, scammers are increasingly targeting VA home loan owners. If you need someone to professionally represent you against scammers, consider contacting a consumer law attorney. An attorney can help ensure that you don’t become a victim of a VA home loan scam.