Mortgage fraud can happen to anyone, and the rate of fraud is on the rise right now. Industry insiders peg the average case of title fraud at $300,000.
Fraud is on the rise! In 2000, real estate title fraud claims accounted for only 6 per cent of total dollars paid in claims at First Canadian Title. By 2005, that number reached 33 per cent. – CAAMP
How does mortgage fraud really affect you?
- It damages your credit rating
- You could lose your identity, and have to deal with everything that comes with that
- You will have to incur the cost to defend your ownership of the property, which can cost tens of thousands of dollars
- You may suffer distress both emotional and mental
- You may lose your home completely
- You may suffer economic losses
On the bright side, you can both protect yourself against mortgage fraud and take several steps to prevent altogether. For more information on prevention, visit the CAAMP website.