- AARP Tax-Aide helps people of low-to-middle income, with special attention to people who are 60 and older, with taxes and refunds. To locate the nearest AARP Tax-Aide site, call 1-888-227-7669.
Home equity lending fraud occurs when someone talks a homeowner into taking out a loan that they don’t need or that is bigger than they need, or has higher interest rates and higher fees and larger monthly payments than they can afford
These scams involve a company claiming that they can guarantee you a loan if you pay them a processing fee, an application fee or pay for ‘insurance’ on the loan in advance. The company will advertise on the Internet, in the classified section of a newspaper or magazine, or in a locally posted flyer. They will sometimes use a legitimate company’s name or use a variant of a trusted name. They will sometimes ask you to call them at a “900” number, which will result in charges to your phone bill. They will usually ask to be paid via overnight or courier service or by wire, so that they can’t be traced. In order to avoid being taken in by this scam you should be aware that:
- It is against the law for anyone to ask you to pay in advance to receive a loan or credit card.
- A legitimate lender will never guarantee you a loan or a credit card before you apply, especially if you have bad credit, no credit, or a bankruptcy petition on your credit report.
- These scams should not be confused with
- pre-qualified offers, which mean you are selected to apply and must go through the normal application process, or
- pre-approved offers, which require only verbal or written acceptance.
- Don’t ever give out personal information or agree to a loan over the phone or via the Internet.
This scam, like the advance fee loan scam, uses the internet, phone and newspaper to advertise. Continue reading “Victims are instructed to send money to pay for ‘insurance’ on the promised grant or loan”