Fraud Awareness Month

Did you know? March is Fraud Awareness Month. Protecting yourself and your mortgage from fraud is crucial for your financial well-being. Let's dive into common mortgage fraud scams and how you can shield yourself!

 Common Mortgage Fraud: Property Value Manipulation

Criminals inflate a property's value through multiple sales, securing a mortgage based on the exaggerated price. Red flags include:

  • Offers to use your name and credit for a mortgage.
  • Encouragement to provide false info on the application.
  • Requests to leave crucial areas of the application blank.
  • Discouragement from inspecting the property.
 Title Fraud: A Sneaky Identity Theft


Discover title fraud when your mortgage goes into default. Fraudsters use false identification to transfer your property to their name, securing a new mortgage without making payments. Protect yourself:

Protect Yourself: Key Steps


  • View the property in person.
  • Verify listings and compare features.
  • Choose a licensed real estate agent.
  • Be cautious of conflicted professionals.
  • Request a historical title search.
  • Include an option for property appraisal.
  • Insist on a home inspection.
  • Ask for receipts of recent renovations.
  • Ensure deposits are held "in trust."
  • Consider purchasing title insurance proactively.
Remember, proactive vigilance is crucial. If you suspect fraud, act promptly to minimize damage and report it to the authorities. Stay informed, stay protected!


Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415

Sign up with

your email address

to receive news

and updates.

Subscribe
Wednesday, January 3
Fixed VS Variable Rates Understanding Mortgages
Are you considering a fixed or variable rate mortgage in Canada? Let's compare the two options:
Tuesday, January 2
Understanding the Mortgage Application Process
Embarking on your homebuying journey? Familiarizing yourself with the mortgage application process is essential for a smooth experience. Let's break it down into simple steps:
Tuesday, December 26
Why Is Credit Score Important?
A strong credit score is a powerful tool in your financial toolbox. When it comes to securing a mortgage, your credit score can make all the difference. Here's why a good credit score matters:
Made on
Tilda