The promise of “easy money in real estate” can be hard to resist. Consumers who knowingly misrepresent information could find themselves becoming accomplices to mortgage fraud. What is mortgage fraud? Find Out What the CRA Owes You: https://bit.ly/3ECAUlM

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0:00 Mortgage Fraud in Canada
7:49 Serious Consequences
10:14 The Uncertainty Factory

Mortgage fraud is the deliberate misrepresentation of information to obtain mortgage financing that would not have been granted if the truth had been known. Mortgage and title fraud committed by individuals who impersonate homeowners and tenants have seen a notable increase in Ontario and British Columbia, according to local officials and investigators.

Title fraud is a complex real estate crime in which fraudsters purporting to be homeowners attempt to sell properties they do not own. The problem has gotten particularly severe in the Greater Toronto Area, where skyrocketing home prices have juiced the incentives for fraudsters.
There are two main types of total title fraud. The most common one is when a fraudster uses a fake ID to pose as a homeowner. They find the owner’s name through land title searches and use that along with a photo of themselves. Then the fraudster hires a legitimate real estate agent to list the property.

Buyers typically only deal with the agent, so from their perspective, everything seems to be on the up and up. Once the sale closes and the funds are deposited into a bank account—which is also created using fake IDs—the fraudsters empty the account. The second, and rarer, type of total title fraud occurs when both the homeowners and buyers are imposters.

They typically target houses that aren’t occupied by the homeowners—like vacant investment properties, or ones that owners are away from for an extended period.

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #realestatefraud #canadanews #canadianhousingmarket