3 years ago
By Ken Amaro First Coast News
JACKSONVILLE, FL -- Richard Powless is shopping for a mortgage and found an ad in the classified pages of the Florida Times-Union.
It promised fast approval, low rates and no fees. He called the number and was told the good news.
"I was approved for a 120-thousand dollar loan," says Powless.
A 120-thousand dollar loan, at five percent interest rate. His payments $73 a month for 16 years.
"..I could deal with it." says Powless.
The company Montreal Expo Financial Services told him he would have to pay first and last month payments.
Powless sent the Vancouver company $1400 via Western Union.
"They couldn't take it any other way and it had to be person to person," says Powless.
Then the company wanted more money for Insurance Powless sent the company another $700.
"I told him if it is a scam they will hear from my lawyers," says Powless.
And then there was a third demand for money, another $700. Powless sent it.
He's still waiting on his mortgage, which the company promised would be in his bank account in two hours.
What seemed legit is a major cross-border scam.
"I'm hurt and I'm in a bind trying to recover. says Powless.
Even if he doesn't, he wants others to be aware of this scam.
There are no records of Mortgage Expo Financial Services with the Better Business Bureau.
The Federal Trade Commission described it as an advance fee loan scam.
The Federal and Canadian Governments have joined forces to stop these scams which cost Americans billions of dollars.
It is up to you to ignore them, you should never pay an up-front fee for a loan, especially if you're sending the money to Canada.
You can check out this website: www.ftc.gov/crossborder
First Coast News