Home Sweet Scam: Being Aware of Post-Closing Mail Fraud

Jan 3

Have you recently purchased a home or are looking into purchasing a home in the new year?

Read further to learn more on scam mail after closing on a new home!

Congratulations! You've just closed on your dream home. The moving boxes are unpacked, the furniture is arranged, and you're finally settling into your new place. But amidst the post-closing euphoria, there's a lurking danger: scam mail.

Yes, even after the official paperwork is done, fraudsters target new homeowners with deceptive letters and emails designed to steal your money and personal information. These scams can be incredibly convincing, preying on your lack of familiarity with the post-closing process and your excitement about your new property.

Common Post-Closing Scams:

Fake property tax bills: These bills may look legitimate, demanding immediate payment to avoid penalties. However, the account numbers and due dates will be incorrect, and the payments will go straight to the scammer's pocket.
Phishing emails from "lenders": These emails might CLAIM to have important documents or updates regarding your mortgage, prompting you to click on malicious links or download infected attachments that steal your financial information.
Unnecessary home warranty "renewals": Scammers might send letters urging you to renew your home warranty at an inflated price, even if your existing warranty is still valid.

How to Protect Yourself:

Be cautious of unsolicited mail: Don't respond to or click on links in any suspicious items. If you're unsure about the legitimacy of a piece of mail, contact your lender, title company, or real estate agent directly.
Verify all contact information: Before making any payments or providing personal information, DOUBLE-CHECK the sender's contact details against those provided by your trusted closing professionals.
Beware of urgency tactics: Scammers often create a sense of URGENCY to pressure you into making quick decisions. Don't rush into anything, and take your time to verify the information before taking any action.
Report suspicious activity: If you suspect you've been targeted by a scam, report it to the Federal Trade Commission (FTC) and your local authorities.

Additional Tips:

Familiarize yourself with the post-closing process: Understanding what to expect after closing can help you identify red flags.
Keep your contact information up-to-date: Ensure your lender and title company have your correct mailing address and email address to avoid missed communications.

By staying vigilant and informed, you can protect yourself from falling victim to post-closing scams and enjoy your new home with peace of mind. We hope this blog post helps you stay safe from post-closing scams!

Don’t hesitate to reach out to one of our licensed loan officers to help protect your best interests DURING AND AFTER the loan process! Please share this with your friends and family who are also new homeowners.