Mortgage fraud? Here's what to look for.

Take a few simple steps to protect against title fraud:

• Before buying a home, make sure to have a lawyer check the property ownership history for any irregularities or a false mortgage discharge.
• Also ask your lawyer to look for more than just the title deed, such as survey or plot plans, tax bills and assessment notices for anything that doesn't add up.
• Make sure to use a highly-qualified real estate lawyer for your home purchase, to ensure that mortgage title discharge procedures are properly followed (to help prevent an opening for a fraudster to take advantage).
• Lenders may require that you purchase Title Insurance in order to protect against title fraud. It's a relatively inexpensive, one time expense that will cover you for many years (depending on the provider).
• You can regularly check the title on your home. You'll need identifying details to do a title search, which can usually be done through a provincial registry agent or through your provincial government website.
• In the event of the death of someone who is part of a co-ownership or multigenerational mortgage, it's important to have their name removed to prevent the advance of fraudulent funds.

Be alert! Here are the possible signs of identity fraud to detect it early:

• Tax statements or bills are unexpectedly mailed to your home, but addressed to a different person.
• You receive a phone call from a caller inquiring about a new mortgage that has already been arranged for your property.
• Bills do not arrive as expected.
• Creditors contact you regarding purchases you did not make.
• There are discrepancies in your bank or credit card statements.

It's important to regularly check your bank accounts, credit card statements, utilities bills, and credit rating to ensure that everything is in order.

Have more questions about mortgage fraud? Give us a call or drop by one of our convenient store locations.

Our highly-trained mortgage brokers are always happy to help you! You'll save thousands, and get mortgage advice that fits you, anywhere you are in Canada.