• CMG MORTGAGE, INC. NMLS #1820

Beware: Home Improvement Scams

  • June 28, 2017

Did you know, in 2016 over 32,000 home improvement-related scams were reported to the Better Business Bureau (BBB)?  The average cost of these scams was $1400.  Be prepared to avoid falling victim to dishonest contractors, repairmen, or other service professionals.

Always use a licensed contractor.  Even if a contractor comes with stellar recommendations, ask to see a license before work begins.  Most states have online databases to verify license status.  If you found your contractor through another source, other than a recommendation, ask for references. 

Check contractor affiliations.  Most contractors will be members of professional organizations to help build their business.  If your contractor is not a member of organizations like the National Association of the Remodeling Industry, this could be a red flag.  In order to join these organizations, contractors have to pass a certain level of scrutiny. 

In the event that a homeowner does suspect a scam, the next steps should be to file a complaint with the state’s Contractors License Board or Consumer Protection Agency, and also the BBB.  Doing homework ahead of time, like checking licenses and reviewing company websites, can prevent costly litigation after the work is or is not completed. 

 

Sources: Realtor.com

Cindy MacDonell
Senior Loan Officer
NMLS # 316198
Branch NMLS # 1270689

Cindy MacDonell

PHONE: (707) 781-8185
cmacdonell@cmgfi.com

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© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).