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.
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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…

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