AVOIDING REAL ESTATE FRAUD

According to statistics compiled by PhoneBusters, a national anti-fraud call centre jointly operated by the Ontario Provincial Police, the Royal Canadian Mounted Police and the Competition Bureau, over 4,600 Canadians were victims of Identity Theft in 2007, and suffered combined losses of over 6 million dollars. Identity thieves can take your valuable information and use it to conduct different types of real estate fraud. The Canadian Bankers Association points out two types of real estate fraud that consumers should be especially aware of: mortgage fraud and title fraud.

Mortgage Fraud occurs when an individual intentionally provides inaccurate, fraudulent or incomplete information to a lender in order to secure a mortgage that they might not be granted otherwise.

Title Fraud occurs when a fraudster assumes the identity of an individual homeowner and then uses that false identity to pose as the homeowner. They can then assume the title on the home, sell the property or obtain a mortgage on that property or other properties in the homeowner’s name.

So what should you do to avoid becoming a victim of identity theft? A good start is to follow these “SCAM” rules:

S     Be stingy about giving out your personal information to others unless you have a reason to trust them.

C    Check your financial information regularly, and look for what should be there and what shouldn't.

A    Ask for a copy of your credit report periodically.

M    Maintain careful records of your banking and financial accounts.

Identity theft can take its toll on your credit rating, drain your bank accounts and even allow your house to be stolen or new mortgages to be registered without your consent or knowledge. As your mortgage representative, I can help protect you against these very real risks. Please call me for more tips on how to protect your personal information and investments. 

Claire Drage, AMP

Mortgage Agent

Dominion Lending Centres  Select Mortgages Inc.

Tel: 905.330.9488

Fax: 1.866.755.3750

Email: claire.drage@sympatico.ca

www.yourmortgageoptions.ca

Servicing in Oakville,Milton,Burlington,Mississauga,Brampton,Caledon,Toronto and the GTA (Greater Toronto Areas)