Edmonton, St Albert, & Area RE/MAX Real Estate Professional

Title and Mortgage Fraud  (From the Consumers Council Of Canada)

-Scotiabank's Advice on Title Fraud Protection

Title and Mortgage Fraud is a growing threat to the financial security of Canadian Consumers.  The Consumers Council of Canada agrees that the fraud victim is doubly victimized by having to fight the lending institutions who granted the mortgage and the legal system to restore title.

Consumers must be diligent in protecting their financial and other personal information whose theft, most often, is the contributing factor in the theft of their identity and fraud of this nature.

Awareness of the factors contributing to identity theft need to be understood.  Measures to protect oneself are simple and the Consumers Council recommends all make use of the information available at their local financial institutions and on the internet. 

One of the most useful sites is:  http://www.protectyourtitle.com     Take a look.

Governments can also play a role in reducing consumer victimization. 

In Ontario, legislation has been passed to strengthen consumer protection, enhance the delivery of public services and modernize government in preparation for the future challenges and opportunities of the 21st century.

The new legislation addresses Real Estate Fraud by:

   a. Ensuring that ownership of a property cannot be lost as a result of the registration of a falsified mortgage, fraudulent sale or a counterfeit power of attorney;

   b. Implementing a streamlined and expedited Land Titles Assurance Fund process for individuals who are victims of fraud so that title is returned and a decision on compensation is made within 90 days;

   c.. Introducing additional safeguards for suspending and revoking the accounts of fraudsters so that they cannot register documents, and

   d.. Raising existing fines for real estate fraud related offences to $50,000 from $1,000.

The Province of Alberta has more info about how to spot and prevent Mortgage Fraud.

The website is:  http://www.servicealberta.gov.ab.ca/895.cfm

Ben Officer, CD   REALTOR®

RE/MAX Real Estate