Two clues to a fraud lender

[Michael Bellotti]

First use a reverse phone app, check their number. If it comes back Non fixed VOIP, it’s more than likely a scammer! What that is for those that don’t know, is a phone number they own in a certain geographical location. Say that number is from Philadelphia, Pennsylvania and it’s a Non fixed VOIP, they could be any were in the would using the number remotely. They could be in Bombay, India. Again that’s an indicator it may be a scam, but slight chance it’s legit. With covid and working from home, maybe companies are using that option these days. Second, They ask for a commitment fee, just run at that point! That’s a clear indicator you are talking to a scammer!!! You give them that money in any form, you not only will not see that money again, but you most certainly will not get that loan. The old way it use to be done was asking for an inspection fee for the property. That was a better scam, since banks all ask for that. They just take your money claiming that the property failed an inspection they never did. Well live and learn in life. But do your homework before you get burned!!

[Arsen Atanasovski]

You are 100% right about the commitment fee! When the scammer calls you tell them to have the deal in escrow at your (choosing) title company. Real lenders don’t deal with the money side with you, it’s usually a go or no go after your credit check. And credit checks are usually done with an application. The scammers usually ask you for a simple application that makes no sense to the deal and then ask you for your ID card. I have had a lot of scammers call me and I mean a lot. When I have a deal in place Title company deals with the lender. Again I tell the scammer I’ll have their $2000,$3000,$5000 fee in escrow at title, once we close you get your fee immediately deposited no questions asked! They never call back:)!