AG Says Letter Promising Homeowners Help Is Scam - 8 News NOW

AG Says Letter Promising Homeowners Help Is Scam

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LAS VEGAS -- Some homeowners are receiving letters promising a refinancing deal – oftentimes just what people, desperate to keep their homes, want to hear.

"We're pleased to inform you that Bank of America has approved your refinancing by the terms set forth below," the letter reads.

The letter looks completely legitimate and appears to come from the megabank, but Nevada Attorney General Catherine Cortez Masto said the letter is a scam.

Masto said the letter promises to lock in the interest rate and to lower the home loan points.

But it also asks for a credit or debit card number and wants homeowners to take immediate action or else they "no longer have any obligation to close the loan."

Later, homeowners find out that fee is $6,000.

"Again, this is a scam," Masto said.

Ronnie Buck used to build homes for a living, but recently almost lost his own.

"When you can't work and nobody wants to help you, it's scary," he said.

After nearly 20 years in his Henderson home, he and his wife Judy almost went into foreclosure.

They applied for loan modification three times and were denied.

The couple became desperate for any kind of solution.

"You're grasping at straws and you'll take whatever you can get," he said.

Buck said he knows there are a lot of scams out there and only wanted to work through legitimate banks.

He never received a Bank of America letter, but said it would have been so easy to believe the letter was legitimate.

"The letterhead (looks real) and you're looking for somebody to help you," Buck said. "At that time, you're vulnerable. So you'll take it."

The attorney general's office isn't sure how many people are victims of this scam but hope more will come forward.

Keeping people like Buck -- who have worked so hard -- in their homes.

8 News NOW reached out to Bank of America to see how they are investigating this scam internally, but they didn't return a call for comment.

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