CHARLOTTE, N.C. — The mortgage settlement with major banks will help distressed borrowers. But before the banks have sent out the first letter, con artists are beating them to the punch.
“When there is federal activity involved, in almost every case, we see scammers come in and try to find some way to take advantage of it,” said Tom Bartholomy with the Better Business Bureau.
The BBB is already seeing fake letters and emails across the country from criminals posing as legitimate players in the settlement.
Bank of America said it has already identified 200,000 borrowers who may qualify for help. But both BofA and Wells Fargo say they aren't sending out any letters until early April.
While the BBB hasn't seen any scam letters in the Charlotte area yet, it could be just a matter of time.
Especially since the settlement involves two Charlotte banks -- Wells Fargo and Bank of America, which will together pay the lion’s share of the settlement, and because the North Carolina attorney general said the state will receive $338 million in lender aid.
The BBB said you should call the attorney general's office or your bank to verify any letter you get in the mail.