$7 Million in Fraudulent Mortgages in Ontario Alone

I’ve got thestar.com in my news reader, and have been following along through some of the articles on the upcoming mortgage fraud legislature that’s to be launched in the upcoming months.  It’s just a hobby, learning about mortgages, now that I’ve *got a biggie*…..

Aside from the reports of people being financially targeted as victims of mortgage fraud, there’s also an interesting story of a couple who is working on a petition to tighten up the legislation when it comes to titles and land ownership. In Ontario alone there are 10 instances where people’s homes have been stolen using falsified documents. That sounds like a low number, but when the average pricetag is $700,000 per instance of fraud, it’s not an insignificant number. :-(

There are no real organizations that help you keep your mortage, and look out for people who have become victims of fraud, but there *are* a few who make sure that the house that you want to buy aren’t “fraudulently” on the market, and that’s a step in the right direction. Mortgages are easy to get usually, and no one thinks that the house the’ve fallen in love with has more strings that a marionette attached to it. It’s difficult for most people to figure out the research needed to actually perform more due dilligence on mortgages, refinancing and real estate, so there’s a definite market for this sort of mortgage service.Stay tuned to the Star to see if the mortgage legislature is passed…

 

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