In the past week or two, we’ve gotten several comments from VA borrowers who have been contacted by third parties claiming that the borrower’s VA mortgage has been “targeted for inclusion” in special loan programs such as refinancing, Interest Rate Reduction Refinancing Loans or other VA loan products.
While we could never confirm or deny the existence of a mortgage scam based on the small amount of information we get in our reader comments section, we can advise those with VA mortgages on what to do if they believe they have been contacted by a scam artist or wonder whether an offer is legitimate or not.
For example, one reader tells us, “I got a letter for Wells Fargo and I do not have a loan with them and I don’t have a VA loan. I paid off my VA loan with Wells Fargo 5 years ago.” That amount of information isn’t really enough to tell us anything concrete, but this borrower should get in touch with the Department of Veterans Affairs directly if he or she feels the letter isn’t legitimate.
The VA will get the appropriate information and advise the borrower as to what to do next, if any action is required. The borrower should not call the number provided on the third party advertisement–instead, look up the number for the nearest VA Regional Loan Center and call them directly.
The same advice applies for another borrower who wrote us recently. “I received a letter stating my VA Guaranteed loan through Wells Fargo had been targeted for inclusion in a VA IRRRL program. The contact number is 1-866-273-4285. It includes a note implying that this program is tied to the Economic Stimulus Program.”
Again, we can’t confirm or deny whether this contact is legitimate, except to say that borrowers should never proceed with a program that starts with unsolicited contact by a third party until the borrower has contacted the Department of Veterans Affairs to get assistance and learn more about the offer. The borrower should also contact his or her loan officer directly and discuss the offer.
Don’t call the number provided by the third party–call the lender’s phone number you have on file from your original loan transaction or look it up in your local phone listings.
To be clear–there are many third party companies which may offer legitimate services, but borrowers should exercise caution when dealing with unsolicited mail, e-mails, or phone calls. Always call the VA and your lender first.
Comments(2)