(WXYZ) - A new type of offer to save money is luring in homeowners across the country.
Millions of families are receiving letters in the mail, offering a mortgage audit. The letters claim homeowners can save money on what you’re paying your lender.
Jeff Stevens recently received a letter from the “Mortgage Auditing Program, A Division of A.M.T.”
“It said I may be eligible for a refund from my mortgage lender of several thousand dollars. It sounded great. It said the average refund is around $1,500 and could be between $3,000 and $7,000,” said Stevens.
But before calling, Stevens decided to Google the company and found nothing.
After further research, it was discovered that the letter was from a small Utah company called AMT Auditing. Their website lists the cost of an audit at $249.
The Better Business Bureau has no complaints on file about the company, but notes it is a new company, and that Wells Fargo has demanded that it stop using its logo in advertising. And according to Bankrate.com, mortgage audits generally don’t save you money.
But many experts warn against home audit offers from any company. According to Bankrate.com, mortgage audits in general don’t save you money. Audits serve as a negotiating tool in getting loans modified. Errors are to be pursued in court and many are not successful. Even if they are correct, homeowners will still need to hire a lawyer who knows how to use them.
The Federal Trade Commission goes even further, calling many audit offers scams. In a consumer alert, they warn... "there is no evidence that forensic loan audits will help you get a loan modification or any other foreclosure relief, even is they're conducted by a licensed, legitimate and trained audito, mortgage professional or lawyer."
In the end, Stevens decided to pass on the offer.
"I don't remember anything that sounded shaky when I signed the paperwork, so I kinda doubt there is really anything wrong with my mortgage."
Before responding to any offer in the mail to check your mortgage, lower your interest rates or anything dealing with your personal finances, do some research on the company. If you can’t find out anything about it, or have concerns, then it may be a case of Don’t Waste Your Money.
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