Beware of Mortgage Payoff Scammers

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

Back

ABOUT CONSUMER ALERTS - The Office of the Attorney General accepts consumer complaints about businesses. When a pattern of complaints warrants intervention, the Attorney General can file a civil lawsuit under consumer protection statutes, sometimes with the result that a company is required to pay restitution to consumers -- see our Major Lawsuits page. However, when a consumer is swindled by a con artist, filing a complaint cannot help. Civil litigation can sometimes put a very unscrupulous business out of action, but often cannot produce restitution.

Individual con artists generally fall under the jurisdiction of a criminal prosecutor -- in Texas, this is the district or county attorney. But even when they are charged and convicted, these individuals usually have spent the money as fast as they have stolen it. A person who is the victim of fraud should report the incident to the police or sheriff. But by far the best thing is for consumers to be aware of fraud, so they are not swindled in the first place. For this reason, the Office of the Attorney General posts these Consumer Alerts about possible scams and schemes that come to our attention through citizen contacts to our office or other sources.

Revised: