Beware of mortgage fraudsters…. Sep 27th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News

Canadians Need Guidance With Their Mortgages + MORE Oct 3rd

That’s the takeaway from a national survey released this week by Rates.ca, which found half of Canadians aren’t aware of the mortgage options available to them. Not only that, but Canadians are lacking in some other basic mortgage trivia, with an astounding 9 out of 10 respondents not kn.... More »

Latest in Mortgage News: Newton Launches Rate Search Engine “Discovery” + MORE Oct 13th

Newton Connectivity Systems this week launched its new broker rate search engine, Discovery. The system, which also serves as a rate distributor for lenders, promises to improve efficiency and the quality of service brokers can provide to their clients, Kevin Dear, VP of Broker Experience at Newton,.... More »
 mortgage buyout

Best of Finance Winners: The Best Credit Cards and Banking Products for 2019 + MORE Oct 10th

RateSupermarket.ca aims to make financial decision-making easier for the consumer by acknowledging the best credit cards and banking products in Canada at its annual Best of Finance Awards. (Originally published May 15, 2019) The credit card, loan, bank account, or mortgage you choose can affect ho.... More »
 home

Information vs advice. Why is it free? Oct 19th

The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful. Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »

Combatting Mortgage Fraud: Scrap The Status Quo + MORE Oct 6th

Canada’s conservative nature means that we have a tendency to abide by the status quo, remaining committed to tradition and the processes that have historically worked in our favour. Fortunately this approach has, in many ways, proven valuable, cushioning us from the damaging effects of variou.... More »

Beware of mortgage fraudsters….

– canadamortgagenews.ca

I wrote that back in 2006.  Since then we have seen some provincial governments step in with laws to help protect unsuspecting homeowners.  You can also purchase Title insurance or an alternative method of protection.
A couple of years ago, Toronto police said a woman used fake ID to get a $300,000 mortgage.  The unsuspecting homeowner only discovered a mortgage had been fraudulently registered on their home when they received mortgage documents in the mail.
This is not a new scam. It’s happened many times in the past. Here’s a big one from 2010 that involved $140million and hundreds of people.  This one was huge.  Most are not this big or elaborate.  It’s the smaller ones, like the recent one for $300,000, that are more common place.
HOW IT’S DONE

At the risk of advocating or promoting fraud, I’ll just share the fine points.   A title search is done on a house, usually in mature neighborhoods where elderly are living and it’s more likely a mortgage will have been paid out…

Continue Reading On canadamortgagenews.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!