HONOLULU (HawaiiNewsNow) – If you’re behind on your mortgage, offers for debt relief may sound appealing. But state regulators warn scammers are targeting families desperate for a lifeline.
The Mortgage Bankers Association expects 30-year mortgage rates to stay above 7% through 2027, making it more expensive to borrow money and buy and refinance a home. That means people struggling with inflation and debt are vulnerable to fake offers of help.
It sounds like a blessing… a call, text, letter or someone at your door offering to lower your mortgage payment, especially if you lost your job, had unexpected medical expenses or were impacted by the recent storms.
“A lot of them are unsolicited,” said Dwight Young, Hawaii Banking…