Every homeowner gets them: Misleading letters from mortgage lenders informing you that you are eligible for a lower payment.
Here’s one I received a few months ago from Eagle Nationwide Mortgage:
The letter above follows the typical template:
- Your mortgage lender’s name is at the top, along with your “account number”
- Contains the word “URGENT” and “ACT IMMEDIATELY”
- It includes a notification that after reviewing your file, it’s been determined that you can save money if you contact them now
- Sounds like a great deal, doesn’t it?
It’s not from your mortgage lender. It’s from their competitor that has acquired your mortgage information and is using it to lure you into moving your mortgage to them.
Because they’ve used your lender’s name and information regarding your loan, you’ll open the letter and read it. Unless you read the fine print at the bottom or on the back of the page, you wouldn’t know it’s not your lender.
I’ve received countless solicitations that have incorporated my current loan balance and payment, then showed how much the payment would be if I accepted their offer. For me, this crosses the line. I don’t want this information being used by marketers.
And I especially don’t want it being used by lenders that use questionable marketing tactics. If they’ll do this, what else will they do with my personal data?
So, have you received one of these solicitations? What’s your story?
Comment below to share.