Mortgage junk mail

We recently refinanced our home with a new mortgage and that, as expected, triggered a flood of junk mail. Most of these letters are deceptively designed to look like they came from your mortgage company, mailed in an official-looking envelope. Some even include the name of the legitimate mortgage company on the front.

Some of the companies include:

Mortgage Protection Center
PO Box 9001
Burlington, NC, 27216-9925

Mortgage Protection Insurance
PO Box 619056
Roseville, CA, 95661-9978

One especially deceptive letter came in an envelope mailed with first-class postage and no company name on it at all, just an address:

855 Lower Bellbrook Road
Xenia, OH 45385

Inside, the company name appears: “Loan Payment Administration.” Pretty bland, huh?

The letter pitches bi-weekly mortgage payments and urges people to call the “service center” at National Biweekly Administration at the number 1-800-317-1756. What actually happens is that you pay this rogue outfit twice monthly and it pays your mortgage lender once monthly. In essence, this company gets to earn interest on money that you could’ve kept in your bank account until your mortgage payment is due each month.

There are a lot of complaints lodged against these mortgage parasites but I imagine many of them get away with what they do by skating just this side of legality. Even so, I may forward this last one to the North Carolina Attorney General’s office to see what they have to say about it.