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Save Yourself from Mortgage Frauds2018-03-10T02:38:20-07:00

Despite all the security being put into place, mortgage frauds have become a frequent occurrence for Canadians.  Here, we have compiled a list of our top tips to help you protect yourself from mortgage frauds.

Guard Your Personal Documents

Identity theft is the first step towards a mortgage fraud. Its consequences can be pretty dire for you, but it is completely possible to avoid this situation. Just make sure that all your documents make it back safely to you and don’t get passed around to irrelevant people. If you are showing or renting your home, your personal docs need to be tucked away safely from the prying eyes of strangers.

Don’t Fall For the Mortgage Specialist Scams

If for some reason you are having difficulty making the mortgage payments, then your first stop should be to your lender’s office. They can guide you through this mess. Another option is independent financial counselors, contact CMHC to find those. And whatever you do, be wary of the so-called mortgage specialists found abundantly online.

Get your lawyer in on the mix as you are about to give another person permission to use your assets. Ensure that the title of your home is actually in your name by visiting your local land registry office.

Check Your Credit Report Regularly

The information contained within your credit report should always be accurate. If you see any discrepancies, amounts that should or shouldn’t be there, get in touch with your credit reporting agency as soon as possible. Equifax and TransUnion are Canadian credit reporting agencies.

Beware Of Special Offers

If it looks like a wolf and howls like one too… chances are that it is one! If an offer is too good to be true and needs your personal info to come into action, run the other way. Do not give your identity related information to anyone. Neither should you sign documents blindly. When it is signing time, consult your lawyer before putting your signature on an agreement.

Ask Questions

Do not assume anything.  If you like a property, don’t just assume the seller’s asking price to be accurate. Instead, do a comparative market analysis; your realtor can help you with this. Start asking questions if the property is priced well-above the area’s average. They may even have faked an appraisal, so beware. You can get your independent representative to assess the authenticity of their asking price.

Conduct a Land Title Search

Title fraud is also a possibility. It’d be good to perform a land title search to find out the name of the property owner and whether the property has been promised against any mortgage payments or liens.