Tips for Avoiding Mortgage Scams

Spot Common Red Flags

Scammers are always looking for opportunities to swindle you out of what is rightfully yours. This is especially true in times of financial uncertainty. Scammers attempt to steal the money and identities of customers by forging paper documents. Most often, a scammer will illegally place a lender or bank logo on a form letter and demand that action occur, such as payment to participate in a phony promotional offer. It’s important to be careful when you receive communication that looks suspicious.

Be Cautious of Unusual Payment Method Requests

Freedom Mortgage will never ask for—or accept—payment in retail gift cards, pre-loaded debit cards, bitcoin, or through payment services like PayPal, Venmo, or CashApp. Any request for payment using these methods is a scam. These payment methods are hard to track, and it can be difficult to get your money back.

The safest way to make a payment is by logging into your Freedom Mortgage account. Remember, Freedom Mortgage will NEVER ask you to make your mortgage payment by:

• Prepaid debit card
• Major credit card
• Department or specialty store credit card
• Preloaded retail gift card
• Venmo, PayPal, CashApp, or other 3rd party payment platforms
• Bitcoin or other cryptocurrencies

Anyone asking for your mortgage payment by these means is a scammer. If you have any questions or concerns, call the number on your monthly mortgage statement, NOT the number on the communication.

Ignore Unsolicited Contact About Government Programs

Be on the lookout for correspondence saying you are pre-approved or otherwise qualify for a government loan program. While Freedom Mortgage does send out pre-approved offers, something that seems “too good to be true” should be a red flag. No government programs currently exist that will pay off your Freedom Mortgage loan.

If you are contacted by someone claiming to be from a government agency program that wants your money or personal information, ignore it. Your caller ID may even display the name of a government agency when requesting this information. However, caller ID screens can be faked. The same scam applies to emails, texts, and social media messages. The U.S. Department of Housing and Urban Development (HUD) does offer a network of housing counseling services, but they will not contact you first. If you need mortgage assistance, you will need to initiate communication with them.

Ignore Password Requests

Freedom Mortgage will not ask you for your online account password. Anyone asking for this information is a scammer. Never share your account password with anyone. If you think your login information has been compromised, call Freedom Mortgage at the number on your billing statement immediately.

Avoid Offers to Modify a Current Account

Freedom Mortgage will not contact you about payment plan adjustments if your account is current. If you receive an offer like this, it is probably a scam. If you are uncertain, contact Freedom Mortgage at the number on your billing statement.

Validate Any Credit Repair “Services”

Be wary of solicitations from services that offer to lower your payments or eliminate part of your mortgage debt for a fee while improving your credit. While there are many reputable credit counseling firms, you should always check the validity of any third-party service. You can call Freedom Mortgage at the number on your billing statement to verify whether or not they work with us.

Inspect Mortgage Documentation

Be sure to carefully read any written correspondence claiming to be from Freedom Mortgage, including the fine print at the bottom or on the reverse side of the document. Some scammers will use Freedom Mortgage’s name and logo. If the fine print does not indicate that the correspondence came from Freedom Mortgage, it probably didn’t. When in doubt, contact Freedom Mortgage directly at the number on your billing statement.

Be Cautious of Suspicious Communication

Do not contact any phone numbers or email addresses listed on any correspondence you feel may be suspicious. Instead, contact the phone number or email address listed on your legitimate billing statement.

These are just a few types of mortgage-related scams we have seen impacting our customers. Other scams can occur, so please be on the lookout and be careful with your personal information. If you feel you may have been contacted by a scammer or fallen victim to a mortgage scam, the best thing you can do is log into your online Freedom Mortgage account or contact our Customer Care Team immediately at 855-690-5900. Our business hours are Monday through Friday from 8 AM–8 PM, Eastern Time (ET) and Saturday from 9 AM–2 PM, Eastern Time (ET).