Our Mortgage Fraud Protection Plan reduces the chances that your home will be targeted for mortgage fraud. Mortgage fraud can come in many forms. The most common form that affects home owners is title fraud. A fraudster will generally steal your identity and apply for a mortgage on your property. When the mortgage gets approved and the funds get advanced to the fraudster, you are left with a new mortgage on your home you didn’t even set up. Generally, the first time you will hear about it is when you get a letter from the lender holding the mortgage that your mortgage is in arrears. It can take years to prove that it wasn’t you who set up the mortgage, but in the meantime, you are generally stuck making the mortgage payments and keeping the mortgage up to date.
As per the Financial Consumer Agency of Canada,
“If you no longer have a mortgage on your home or, if you rent out your home to someone else, you might be a target for title fraud because in these circumstances it may be easier for them to use your property title to get a new mortgage or to sell your home.” (Source: FCAC)
You can find even more information on the subject through the Canadian Security and Intelligence Service website
In order to protect homeowners from Mortgage Fraud, for those who do not have a mortgage on their property we developed the Mortgage Fraud Protection Plan. This plan helps reduce the chances of mortgage fraud by adding a charge to the title of the property which makes it more difficult for fraudsters to access the value in your home. Additionally, this makes your home appear less desirable in the eyes of the fraudster as there appears to be less equity (value) in your property.
For more information on this plan, and to determine if you qualify for a legal registration fee rebate associated with the plan, please call us today!