Mortgage Fraud

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Protect Yourself from Real Estate Fraud

Real estate fraud isn’t as common as other types of fraud (such as debit or credit card fraud.) It is important to know that real estate fraud exists in Canada, how it occurs and how to best protect yourself.

There are various types of real estate fraud. Two types of real estate fraud that may result in financial loss for consumers include title fraud and foreclosure fraud.

Action’s to take to protect yourself:

Contact your mortgage lender first if you are having difficulty making your mortgage payments.
Consult your lawyer if you wish to give another person a right to deal with your personal assets, and make sure you cancel this right if you don’t need it anymore.
Consult your provincial land registry office to ensure that the title of your home is in your name.
Check your credit report regularly to make sure the information is accurate.
Consider getting title insurance. Title insurance covers losses related to title fraud and legal expenses to restore a title. There are two types of insurance:
Lender Title Insurance – Protects the lender until the mortgage has been paid off.
Individual Title Insurance – Protects the homeowner from losses as long as he or she owns the home, even if there is no mortgage.

Learn more about the different types of fraud, Different Types of Real Estate Fraud.

Mortgage Fraud

Protect Yourself from Real Estate Fraud

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