Have you received a call claiming to be from True Path Lending offering you a killer loan deal? Stop everything and read this now. Too good to be true loan offers promising urgent approvals or super low rates out of the blue should immediately raise red flags. Chances are, that call is a sneaky scam designed to steal your money and personal information.
This article will reveal everything you need to know about the prevalent True Path Lending scam call operation that’s hooking unsuspecting homeowners as they search for mortgage relief. We’ll outline specifically how the cunning loan scam works, what clever lies the scammers tell, where it all goes wrong, and most critically – how to avoid becoming just another victim. Don’t get caught off guard and pay the price through this brilliantly devious fraud exploiting those struggling with debt. Prepare yourself by understanding the True Path Lending scam top to bottom. Let’s dive in and shed light on their game.
Overview of the True Path Lending Scam
The True Path Lending scam is a fraudulent phone operation where scammers impersonate the legitimate mortgage company True Path Lending in order to deceive victims into paying money for non-existent loan products. This imposter scam has been heavily targeting consumers across the United States over phone calls and voicemails, leading to major financial losses.
True Path Lending is a real mortgage lending company based in Massachusetts that provides home loans, refinancing, reverse mortgages, and more. They have an A+ rating with the Better Business Bureau and are a reputable lender. Scammers are preying on the trustworthiness of the True Path Lending brand to appear credible to potential victims.
The criminals will cold call phone numbers at random and leave pre-recorded voicemails or speak to live targets, identifying themselves specifically as representatives of True Path Lending. On the voicemails, they leave a believable callback number that routes to the scammers but may show up on caller ID as True Path Lending’s real number.
During the initial call or voicemail message, they will offer some enticing loan deal, such as:
- Pre-approval for a mortgage refinance at extremely low interest rates
- An “urgent” offer to lock-in lower payments through a Streamline Refinance
- Approval for a hardship assistance loan or modifications program
- Closing on an urgent mortgage “rescue” or distressed loan program
The specifics may vary, but the scammers always make false claims about having special loan approvals ready and needing immediate contact back from the target. Of course, the victim never actually applied for or inquired about refinancing with True Path Lending previously.
The criminals are banking on the pressed financial situations many consumers face to exploit desperate homeowners seeking relief through promises of lowered mortgage payments or free grant money.
During a direct phone conversation, the scammers posing as True Path Lending representatives will gain the target’s trust by collecting some personal information under the guise of verifying identity or pulling up loan documents. These details help them sound more credible and knowledgeable.
At some point during the call with the claimed True Path agent, the victim will be transferred to another department or “team member” to discuss next steps. This secondary scammer explains that there are specific upfront processing fees or closing costs required to lock in the amazing low rates or access the loan money.
The amounts can range from a few hundred to a few thousand dollars, but the premise is the same – pay these “fees” immediately or risk losing this special offer. The scammers will emphasize the urgency to act fast by wiring money or providing bank account access.
Through high pressure and manipulation during the multi-call scam process, the crooks convince victims to pay an initial fee through bank wire transfer, prepaid money card, bank account information, or other difficult-to-reverse means. They rely on creating confusion and fear of missing out on the deal.
Of course, after the target makes the first payment, there is always another bureaucracy or complication that necessitates another payment – and then another. The True Path Lending scammers invent endless reasons why more money is owed – for processing, taxes, insurance, closing costs, etc.
At no point do they ever follow through on the original mortgage refinance, loan, or grant they dangled to hook the victim initially. Any funds paid are simply stolen, with very slim chances of recovery. Even if targets do eventually get wise to the scam, the damage is already done.
In the most extreme cases, the scammers will steal login credentials or bank account information to siphon as much money as possible. Or they may use personal information provided on applications to commit identity theft.
How the True Path Lending Scam Works
The scam typically unfolds in the following manner:
1. Receive an unsolicited call from “True Path Lending”
The call will come from a local number or appear to be from True Path Lending’s real contact number. The scammers use spoofing technology to disguise the real number and make the call seem authentic.
2. Scammers offer a hardship loan or refinancing deal
The voicemail or live caller will explain that you have been approved for a special hardship loan or refinancing program that requires immediate action to lock in the low rates/fees. They may say they need additional information to process your “application.”
3. Caller instructs you to contact a “team member”
If you speak with the scammer or return a voicemail, they will direct you to call 866-659-3519 to speak with someone who can help process the loan and provide further instructions.
4. The “team member” requests an upfront processing fee
This secondary scammer will gather some basic personal information under the pretense of processing the loan application. Then they will explain that you need to pay a processing fee of a few hundred to a few thousand dollars to move forward.
5. More requests for money after paying the initial fee
Once you pay the first processing fee, the scammers will continue inventing reasons why you need to pay additional fees for insurance, closing costs, etc. They keep stringing you along until you stop paying.
6. No loan funds ever materialize
After making these payments, you soon realize that no actual loan or refinancing will happen. The scammers disappear after draining your bank account.
What to Do if You are Targeted by the True Path Lending Scam
If you receive a suspicious call or voicemail from anyone claiming to be True Path Lending, there are steps you should take immediately:
- Do not call them back or provide any personal information over the phone
- Check your credit report to see if someone has fraudulently applied for loans in your name
- Contact True Path Lending directly through their real number/website to verify if the call was legitimate
- Report the scam call to the FTC and your state attorney general’s office
- Notify your bank if you already paid any processing fees to block additional charges
- Consult a lawyer if the scammers stole your identity or cost you significant losses
Frequently Asked Questions About the True Path Lending Scam
1. How do I know if a call from True Path Lending is a scam?
The biggest red flag is if True Path Lending calls you unsolicited and offers an urgent loan, refinance, or financial relief program requiring upfront fees. Legitimate lenders do not cold call to offer miracle loan products. Verify any offers by calling True Path Lending’s real customer service line.
2. What are some specific lies the True Path Lending scammers use?
Common fake claims are that they are underwriters needing more info to process your application, offering once-in-a-lifetime low rates to refinance immediately, or guaranteeing approval for a hardship program. Any high-pressure sales tactics insisting you act now are signs of a scam.
3. How do the criminals conduct the True Path Lending scam calls?
They use spoofing technology to falsify the caller ID so it appears to come from True Path Lending’s real number. The automated voicemails or live callers specifically say they are from True Path to sound credible.
4. What do the scammers want from victims?
Their sole goal is getting you to pay an advance processing fee or closing costs via untraceable means like wire transfer, prepaid cards, and bank account access. After the first payment, they keep inventing new fees.
5. Why does the scam work so well?
Exploiting True Path Lending’s trusted reputation tricks victims. Scare tactics and manufactured urgency disorient targets. Desperation for financial relief can override better judgment.
6. How much money have people lost to this scam?
Victims have reported losing anywhere from a few hundred dollars to their entire life savings across repeated payments, with total losses in the thousands. The damage can be devastating.
7. How can I check if scammers used my information fraudulently?
Immediately check your credit reports for any unauthorized applications or accounts. Also call True Path Lending to verify you don’t have false applications pending.
8. Should I call the number left by the scammers?
No, any engagement tricks you into their web of lies and demands for money. Instead, report the call to the FTC and contact True Path Lending directly to confirm the scam.
9. What if I already paid the fees – can I get my money back?
Unfortunately, it is very rare to recover money paid to scammers. But report it immediately and work with your bank – some wire transfers can be reversed if acted on quickly enough.
10. How can I protect myself from the True Path Lending scam?
Let unknown numbers go to voicemail, look up unfamiliar callers, and block robocalls. Never pay anything upfront for a loan offer. And always independently verify before providing personal information.
The Bottom Line: Avoiding Scams and Protecting Yourself
The True Path Lending scam serves as a lesson for consumers to exercise caution in responding to unsolicited calls offering loans or refinancing assistance. To avoid this and other predatory scams, remember:
- Never pay upfront fees for a loan – legitimate lenders deduct costs at closing
- Verify a caller’s identity/offer directly with the company before providing info
- Don’t trust caller ID – scams use spoofing to fake real numbers
- Hang up on suspicious calls and report them immediately
- Monitor your credit reports regularly for signs of fraud
By staying vigilant and acting quickly if targeted, you can protect yourself and avoid becoming the victim of deceitful scammers. Use caution, trust your instincts, and don’t fall for promises that seem too good to be true.
