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Mortgage Transfer Scam Alert

The schemes typically are run by fictitious organizations that contact a borrower, falsely claiming that the mortgage on his home has been transferred and that all future payments should be sent to them. Since mortgage transfer has become common, many homeowners have experienced several changes in where they send their mortgage payments, so most do not question this fraudulent notice.

 The Mortgage Bankers Association suggests that, if you do not receive a letter from the original mortgage servicer about the transfer, you should contact the original servicer immediately to verify the transfer before sending any payment to the new address.

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