Missouri Division of Finance warns against loan scams

Thursday, April 21, 2011 | 11:19 a.m. CDT

JEFFERSON CITY — State regulators are warning that scam artists may be targeting Missouri residents with bogus claims about loans.

The Missouri Division of Finance said some homeowners have received mailings inviting them to join a nonexistent class-action lawsuit. It said other homeowners have been told to send their mortgage payments to an entity falsely claiming to be their new loan processor.

The division said one of its undercover investigators recently verified another scam involving payday loans. Shortly after applying for a loan, he was contacted by a debt collector claiming he was behind on payments for that loan even though it had not yet been approved by the lender.

Consumers can file complaints involving banks or lenders with the Division of Finance at 888-246-7225.

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