If you receive a letter telling you that your mortgage servicer has changed and instructing you to send payments to a different address, check in with your old servicer before making the move. You could be the victim of a scam that could put you in foreclosure. In Nevada, two men have been arrested for such a scam.
Joseph Yorkus and James Bartczak set up a company called “Great Western Business Services” designed to accept mortgage payments from homeowners. However, in reality, those homeowners’ mortgages would not have moved, and Yorkus and Bartczak could have cashed those checks while the properties in question slid into foreclosure.
The homeowners, all Bank of America customers, received letters telling them that their loan servicing had been transferred from BofA to Great Western Business Services. The letter included instructions for making payments to Great Western Business Services rather than to BofA. An employee of Great Western ultimately brought down the scheme when she realized that the company was stealing money rather than servicing mortgages.
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