RCMP expecting surge in mortgage fraud
http://www.cbc.ca/canada/calgary/sto...raw-buyer.html
Quote:
Demmon expects to see a spike in mortgage applications from people who "fudge" information to get a mortgage they wouldn't otherwise qualify for or pretend that a revenue or recreation property will be their primary residence.
Another type of mortgage fraud involves mortgaging a property with the intent of using it for a crime, such as a marijuana grow operation, Demmon said.
Canadians should also be on the lookout for "straw buyer" scams, in which scammers use another individual's name and personal information to take out a mortgage on a property they later flip.
"I've got to caution people that if you're approached for your personal information for something other than your use, even if you're being promised that it's not going to affect you, be aware that it could eventually affect you. And be aware that you're being involved in some criminal activity," Demmon said.
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