Don't Be A Victim of Mortgage Fraud

Imagine going to the property tax office to make your annual payment only to find out that they have no record of you on title! You know you own the property so what happened? This is happening more and more as real estate mortgage loan frauds or title fraud increases. The market of fraudulent home and property mortgage applications is almost as hot as the buy and sell market in Alberta at present so as a property owner you must beware.

When you buy your home or invest in other real estate property it is done with mortgage funds secured against that property. In the case of mortgage fraud someone will pose as you to the bank, either re-finance the property and take off with the money or show that you transferred title to them and receive new mortgage funds. In either case they take off with money and you are left holding the bag, or in this case the mortgage.

As the home owner the onus will be on you to prove the title transfer and mortgage changes were illegal and this can be an expensive venture. Your best bet to reduce the opportunity for someone to sell your home without your knowledge is Title Insurance. As soon as you buy your home or even if you have owned it for years, you can put insurance on it and should the unthinkable occur, your costs will be covered. It is a small price to pay for the peace of mind it will bring against fraud of this type.

The buy and sell real estate market in Alberta is going crazy and with that increase comes a greater opportunity for mortgage fraud. Don't be a victim, act today.

Rhonda Hoffman

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