SEA WEST COAST GUARD FCU IS HERE TO HELP

Beware of Fraudulent Mortgage Scams

With the current economy, there are more and more unscrupulous people and companies preying on the unsuspecting. The decrease in home values that has occurred almost everywhere has brought about an escalation in fraudulent offers to help borrowers with mortgage problems.

These scams come in many different forms. One loan modification scam involves companies sending letters to our members under the guise of being from Sea West. The letters, which look official, often indicate that irregularities may have occurred in the origination of your loan, that you qualify for a new low rate mortgage, that they are acting as representatives of the U.S. Government, and that there is a deadline to qualify.

Borrowers who have been duped by these scams have paid thousands of dollars in up front loan fees only to receive nothing in return. Other borrowers have paid loan fees only to find the best loan offer made to them is a high rate unaffordable loan.

You can often spot this type of scam by reading the fine print towards the bottom of the letter where the name of the company may be disclosed.

Are you concerned about being able to stay in your home?

If you are experiencing financial hardship and are concerned about making your Sea West mortgage payment, please do not hesitate to contact us first. As a member-owner we are committed to providing you the best financial alternatives. Please call us at (800) 732-9378, then select option 6, Monday through Friday between 8:30 am and 4:30 pm.

Another Useful Resource

The Deprtament of Housing and Urban Development (HUD) offers counseling for homeowners whose mortgage loans have become delinquent. This counseling might help you avoid foreclosure. You can reach HUD at (800) 569-4287 or (800) 877-8339 (TTY).

HUD information is also available Online at: http://www.hud.gov/foreclosure/

Contact us at 1-800-SEA-WEST (1-800-732-9378)
Sea West's Routing Number is 3211-7126-5