Beware of Mortgage Payoff Scammers

Tuesday, September 20, 2005
You can save money by paying off your mortgage early - and you do NOT have to pay anyone to help you do this. Don't lose money to a scammer.

Check with your mortgage company to see how best to pay your loan off faster and save money. You may be able to pay every two weeks instead of every month or to pay more than your monthly payment each month. Some mortgage companies will charge a fee for this service, but many will allow you to prepay at no extra charge.

If someone other than your mortgage company tries to get you to to pay them money or make your mortgage payments to them instead of to your mortgage company - DON'T DO IT. It will cost you extra money - and if they don't make the payments as they promised, you could lose your home.

General Abbott's signature
Greg Abbott
Attorney General of Texas

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