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October 9, 2026
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A Scam Is Happening To Our Nation's Veterans!
As a mortgage lender dedicated to serving veterans, I often receive phone calls from veterans who have fallen victim to dubious financial practices. Just yesterday, I spoke with a veteran who was misled by a company called Silver Lake Financial. In this blog post, I want to shine a light on their unethical tactics and provide crucial advice for veterans seeking financial assistance.
Key Takeaways
- Scams are Prevalent: Be cautious of companies promising to eliminate debt for a fee; such offers often lead to financial ruin rather than relief.
- Understand the Consequences: Entering debt management programs can severely damage your credit score, making future home purchases difficult or impossible.
- Know Your Rights: If you encounter fraudulent practices, report them to the Consumer Financial Protection Bureau (CFPB) to help protect yourself and others.
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What Happened?
This particular veteran received a call claiming that there was a federal program capable of eliminating all their debts. The catch? They were instructed to pay money into a “special fund” managed by Silver Lake Financial, and in return, the company would handle their debt. Let me be clear: there is no federal program that offers this type of debt elimination for veterans.
What often occurs in these situations is alarmingly predatory. Silver Lake Financial effectively took this veteran’s monthly payments—similar to a Chapter 13 bankruptcy—and advised them to stop paying their credit card debts. This arrangement results in the company “settling” those debts, but the consequences are severe.
The Fallout
Sadly, the veteran’s credit score plummeted to a mere 475, leaving them unable to pursue their dream of buying a home. Instead of achieving financial relief, they now find themselves trapped in a cycle of poor credit and ongoing renting. It’s infuriating to see veterans abused in this way, especially when they deserve nothing but respect and support for their service.
Take Action
To all veterans, I urge you to be vigilant against such scams. If any company approaches you with promises of erasing debt for a fee, consider it a red flag and walk away. Silver Lake Financial and similar companies should be avoided at all costs. If you ever receive a call from them, hang up immediately.
Additionally, if you come across fraudulent or predatory practices, make sure to report them to the Consumer Financial Protection Bureau (CFPB). They may not resolve every issue, but your report can assist in holding these companies accountable and protecting your fellow veterans from similar experiences.
In conclusion, always do your research and seek help from reputable sources. If you’re looking to manage debt or obtain a VA loan, reach out to a professional who is genuinely interested in helping you achieve your financial goals without resorting to scams. Your future will thank you for it!
Stay safe, and remember, you’re not alone in this journey. If you have any questions or need assistance, don’t hesitate to contact me.
Take the 30 second mortgage quiz to see if you qualify
Licensing Info
I can originate VA mortgage loans anywhere that I am licensed, and I am licensed in multiple states.
My bad credit VA loan guides by state: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Through the Edge Home Finance, LLC corporate referral program, our team can help veterans in every state except New York.
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Carlos Scarpero
Carlos Scarpero is the founder of Scarpero.com and a mortgage loan officer focusing on VA and Non QM mortgage loans.
He is also the author of VA Loans Made Easy.
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