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Novad Management Consulting Scam (Sep 2021) Stay Alert!

The guide shares details about the Novad Management Consulting Scam, which is bothering many in America.

If you have a loan on you, you probably know about the new reverse mortgage scam that is going on in the United States. The mortgage servicers are doing the fraud to steal money and the personal information of the borrowers. 

The borrowers who have received the letter from NOVAD are concerned and worried. They are taking the discussion forums and social media to discuss the matter and learn more about the Novad Management Consulting Scam.

If you have received the same letter as others, it is worth reading the post. 

Introducing NOVAD

NOVAD Management Consulting is a mortgage servicing company that focuses on servicing Single-Family Secretary-held Portfolio of FHA, including the Limited Claims in the name of FHA and Home Equity Conversion Mortgages.

It is a full-service minority-owned company with rich expertise in program and risk management, financial and compliance auditing services, portfolio and property management, organizational development, business process re-engineering, and more. 

However, the company is in the news because of the new reverse mortgage scam letter that consumers in the United States are receiving.            

What is Novad Management Consulting Scam?

NOVAD Scam is going on across America, targeting reverse mortgage loan borrowers. The scammers are sending scam letters to the residents to inform them that the loan has been transferred to Novad Management Consulting, and all remaining dues must be paid to ISN Corporation.

The letter is sent to the recipient using the ISN Corporation address, and the address and number mentioned on the letter are all fake. After receiving the scam letter, recipients took the discussion forum to learn more about it and report it. 

People without any loan have also received the Novad Management Consulting Scam letter. So, it is urged not to reply or make any payment to the company mentioned in the letter. 

Some More Details About the Scam

After evaluating online, we found some crucial details that make it a scam and not real. Some of these points include:

  • The letter claims to be from NOVAD informing loan borrowers that their loan has been transferred.
  • The letter urges the recipients to make further payment to ISN Corporation, which has nothing to do with the borrowing company. So, the Novad Management Consulting Scam letter must be ignored. 
  • Users have also said that they have never borrowed any mortgage or loan from NOVAD or ISN Corporation, and hence it makes no sense to make payments to these companies. 
  • Even those with no loan or mortgage have got the letter, proving that it is a scam. 

Some users have commented that it is a legit letter, but no official confirmation is available to support the claims mentioned in the letter. So, we urge all recipients to report the scam and stay safe by ignoring it until official confirmation from NOVAD.

To Sum Up

Novad Management Consulting Scam has bothered many people in America; even those with no reverse mortgage loan have received it. But, until NOVAD releases any official confirmation, the letters must be ignored. Plus, you must also learn helpful tips on how to protect yourself from a scam.    

Have you got the letter? Would you mind sharing what actions you have taken to report it in the comment section?

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