Mortgage fraud in Canada is a serious issue, but certainly not one that is unique to our nation. Misrepresenting one’s financial resources or position is a trick that has been tried world wide for as long money has changed hands. If you are not careful (or not 100% honest) you could find yourself guilty of mortgage fraud. Or you could find yourself an unwitting victim. Both situations have serious consequences that will cause you to have a very, very, bad day.
What is mortgage fraud? Excellent question! And it comes with a wide and varied answers. The professionals at Home Trust Mortgage can explain everything you need to know. It’s basically the amount of wool you might be tempted to think you can pull over the eyes of a bank manager or mortgage broker. When it comes time to apply for a mortgage you may feel pressured to “embellish” the stability of your financial situation, resources and/or income. Not advised.
You may think you are doing yourself a favour. Maybe nobody will notice a couple of hundred dollars here and a a moved decimal point there. There’s a miniscule chance your half-truth will slip by unnoticed. But it’s far more likely it will be picked up in the application process.
Should you be charged or suspected as an accomplice to mortgage fraud you can kiss any hopes of home ownership good-bye. In a worst case scenario, you won’t be needing to worry over your accommodation anymore anyway. It will all be decided by the Alberta courts. Their decisions will be enforced by the wardens at Calgary’s answer to the Hanoi Hotel. Have fun. Enjoy the years of quality time you’ll be spending with your cell mate. His name is Brutus and he seems to like you…
Types of Mortgage Fraud
You may be on the receiving end of a fraudulent real estate proposition. Look out for:
- Title Fraud While rare, it is possible for an individual to steal the identity of a homeowner and literally sell a property that they do not have title to. Working with a mortgage broker virtually guarantees that you will not fall victim to this type of crime. Mortgage brokers such as Steven Crews have many years of experience in the Calgary housing market. They know the buyers, the sellers and everyone in between. Some scams that you might not see, they will smell a mile away.
- Do Your Home History Homework Check to make sure that there are no liens on the property you are planning to purchase and that it has not been used as an asset to secure access to any other financing. Again, a mortgage broker will help you through the process of checking out the details of a property’s past.
- Worst Case Scenario How to report mortgage fraud? If you suspect that something is amiss get back to your broker immediately. It is highly unlikely that you would ever fall victim to this type of crime if you choose to work with a team of mortgage professionals. Got questions? Call Steven Crews team anytime to put your mind to rest.