FTC issues consumer alert regarding scams offering you a lower interest rate

The Federal Trade Commission has issued a consumer alert about scams that offer to lower you interest rate.

Mortgage interest rates may be on the way down, but scammers’ false promises are likely on the way up. If you’re looking to lower your mortgage payment — by refinancing your home or VA loan — learn about your options and how to avoid mortgage relief scams.

Scammers will say just about anything to get you to trust them. Some scammers call or email claiming they’re from the Department of Veterans Affairs or your home loan servicer. They’ll promise to help you lower your mortgage payment — for an upfront fee or a retainer. But it’s illegal for a company to charge you before they help you with things like debt relief or improving your credit. And only scammers will tell you to cut off contact with your lender, housing counselor, or credit counselor. They might say they’ll handle any loan paperwork for you, but they’re just trying to steer you away from the real help you’re looking for.

Please follow this link to read the full consumer alert on the FTC website.