Scam targets foreclosure victims - The Explorer: Pima Pinal

Scam targets foreclosure victims

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Posted: Tuesday, August 26, 2008 11:00 pm | Updated: 8:04 am, Thu Mar 24, 2011.

The Better Business Bureau of Southern Arizona issued a warning against an organization posing as Fannie Mae and Freddie Mac mortgage lending companies.

Scam organizers sent out letters announcing a lottery that gives people who lost a home a chance to buy another.

According to the letter, the F & F Equity Draw has $50 million to give away. 

The letter also states that some people have won as much as $5 million.

When BBB representatives contacted the company, they were told to wire the company $850 in processing fees before they can collect their winnings, according to a news release.

Consumers should verify the identity and legitimacy of an organization before sending any information or money.

If you receive a letter via postal mail proclaiming you are a winner, contact your BBB at 888-5353 or the local postal inspector’s office at 388-5311.

If you receive the notice in an e-mail, report it to the Federal Trade Commission at www.ftc.gov.

© 2014 The Explorer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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