Mail scam targets homeowners for loans
If a special deal comes in your mail with an offer to give you a cash grant or money to help you pay for your home, throw it out. Scam Artists are using a new trick saying that there is a federal program called the Community Reinvestment Act Program that will provide money for housing payments.
This is an absolute scam and could lead to identity theft or applying for a loan that is very detrimental for you. So if you see anything that references the Community Reinvestment Act Program throw it away.
The Federal Reserve put out that warning Friday in response to questions and complaints from people about direct-mail so licitation scams that describe a “Community Reinvestment Act Program” that entitles certain homeowners to cash grants or equity payments. No such federal program exists, the Fed said.
“Some of these solicitations may be read to indicate that the Federal Reserve endorses or supports the offers they contain,” it said. “These solicitations appear to be a deceptive effort to encour age consumers to apply for a mortgage loan secured by the consumer’s home.” via the Cleveland Plain Dealer.
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Comment by Scott Blair on 22 February 2007:
It is very easy for homeowners to fall victim to wide variety of scams that are out on the market today. The second the homeowners get their credit check there name goes on to a hundreds of marketing list and they get bombarded with solicitations from companies by way of mail, phone, and email. With all these companies contacting the homeowner it might be difficult for the homeowner to tell the difference between legitimate and illegitimate offers. Home owners are best to stick with reliable and known companies for referrals such as Move.com for all there homeowner needs.
Comment by Nik Telsa on 23 February 2007:
Lesson learned? Never trust solicitations whose acronym is C.R.A.P. Lest one seeks to acquire S.H.I.T.