A few things to know about title fraud and identity theft, to help protect yourself and your family when taking out a mortgage.
If you plan on buying a home or property in Canada, you can protect yourself and your family from becoming victims of mortgage fraud with a few simple steps.
The most common form of title fraud involves someone using your stolen identity and forged documents to change the title on your home or property without your knowledge, or to take out a mortgage on your title, or both. Once the funds are advanced on the mortgage in your name, they disappear, leaving you, the actual owner, holding the mortgage 'bag.' In fact, even if they don't change the title, they could end up handing you a mortgage debt that you didn't agree to, but are considered responsible to pay.
Take a few simple steps to protect against title fraud:
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.
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