It's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock.
It's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock.
While those were"extreme" cases, more common is mortgage fraud, where fraudsters obtain a mortgage from a lender under false pretenses, said Daniel La Gamba, a real estate lawyer and partner at LD Law LLP. "Sometimes, we're really left with only our gut feeling. If something doesn't smell right, then we start digging and asking a few more questions."
"If you don't have title insurance, that's when you're on your own ... and it will be a very costly and time-intensive endeavour."Title insurance companyFCT estimates at least one attempted title or mortgage fraud takes place every four business days. In the past two to three years, the company has refused to insure $539 million worth of mortgages and transfers"on the basis that they were too suspicious for us," said John Tracy, senior legal counsel at FCT Canada.
Daniela DeTommaso, president at FCT Canada, said the company began tracking attempts at title fraud in 2010, seeing a 70 per cent increase in the first 10 years. She said that rate likely accelerated during the pandemic as reliance on remote technology and digital verifications increased.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Homeowners, realtors should take steps to protect against title fraud, say expertsIssue gained attention in 2023 amid Toronto police investigations in which two homes were allegedly listed for sale without the owners’ knowledge
Lire la suite »
Canadian renters spend more of their income on housing costs compared with homeowners: RBC economistRenters face daunting barriers in their attempts to build wealth as they're forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report out Thursday.
Lire la suite »
Carleton Place, Ont. homeowners facing sky-high home insurance increasesRural homeowners living just outside of Carleton Place say they have been slapped with exorbitant home insurance increases.
Lire la suite »
Renters have harder time accumulating wealth than homeowners: RBC economistTORONTO — Renters face daunting barriers in their attempts to build wealth as they're forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report Thursday.
Lire la suite »
Cowichan Valley homeowners allege contractor took deposits without finishing renovation jobsIndependent and employee owned - local news stories, weather, sports, events and more
Lire la suite »
B.C. homeowners who sell within two years to face flipping taxThe tax starts at 20 per cent on income from properties sold within one year, gradually declining to zero for those sold between 366 and 730 days.
Lire la suite »