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11
Scam ALERT mailer says you may be owed a refund of several thousand dollars
Last week one of my favorite clients presented a letter to me they received in the mail from a Company named ACT. The notice informs the client they may be owed a refund for "several thousand dollars" based on the mortgage they originated on their home, claiming they may have been "overcharged". The letter included the exact loan amount they took out and it even had the date they closed. (this information is available in public records by the way) Since my client was uncertain as to the validity, they wisely asked me before they took action or responded. I was happy they asked about it before they got involved, since as it turns out this letter is very suspicious and very likely a scam!
A little research on the Internet turned up some pretty sad stories of people who were not so lucky with this same company. Had some of these folks been more prudent, the first clue should have been that the letter contains no contact information or names of individuals, only a toll free number to call (888-224-2782). There was no explanation of why they may have been overcharged or by whom. There is no address or company information other than the Letters ACT and it asks you to call the toll free number listed above to contact them with a supposed "eligibility" number.
While charging money to so called "audit" of your mortgage may not be illegal. There is little evidence that anyone has actually benefited from this so called service. Based on the research I did, when you call they immediately try to get you to send them some money. There is of course NO MENTION of this in the letter. Different accounts posted across the Internet vary and based on the research I did, amounts they charge ranged from about $99-$150. Unfortunately, once the folks that sent them money did so, that was the last they were to hear from them.
Words of advice, if you are owed something on your mortgage do your own investigations. Contact your lender directly and ask questions of them directly. If you have any concerns beyond this contact a reputable third party such as your Realtor, Attorney, other financial advisers.
Be careful out there!