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BBB: Mortgage scam gaining momentum during pandemic

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Posted at 2:26 PM, Jul 16, 2020
and last updated 2020-07-16 17:26:39-04

TUCSON, Ariz. -- The Better Business Bureau is warning of a mortgage scam that is gaining momentum.

During these unprecedented times, scammers are out there in force and targeting those most in need.

Sean Herdrick, the Director of Marketing and Communications for the Better Business Bureau says this scam has already claimed victims.

“It’s certainly not new, but it’s definitely ramping up,” he told KGUN9.

The mortgage scam has been around for years, but Herdrick says scammers are now preying on those hit by the pandemic.

“They look for people who are in debt, who owe money on their mortgage, and they’re looking to get out,” he added.

Herdrick says scammers are getting very savvy on how they contact people.

“They’re doing it through email. They’re doing it through text messages. There’s also a lot of fliers around town. They’ll post them on telephone poles or light poles. They’ll have people call,” he said.

Here are some red flags you should be looking out for.

“These companies are after the quick hit. I would definitely be aware of anything in gift cards. Also, really be wary if they ask you to sign over the deed of your property,” he told KGUN9.

If someone were to fall victim to a scam like this, Herdrick says their options are limited.

“If the scammers can get them to sign paperwork to transfer their title, they really have very little recourse. If you really want to make sure you can get out of foreclosure, talk to your lender directly. Don’t ever try to get a third party involved,” he said.

Herdrick says banks won’t ever call you asking for your social security number or any personal information that would be identifiable.

Bottom line--

“If it seems too good to be true, it usually is,” he said.

To report a scam, go to bbb.org/scamtracker.