Real Estate Fraud/Mortgage Fraud and Identity Theft - Posting Twenty - Two

Real Estate purchases may be the largest and in some cases the most personal purchases people will make in their life time. You are buying home! Unfortunately fraudsters are lurking here also. Even when you think you are dealing with reputable people this may not be the case.

Several people have been arrested recently in Toronto Canada for defrauding a bank of millions of dollars. The frauds involved a real estate agent, a lawyer and two mortgage specialists from the bank and present a frightening picture for purchasers.

It is alleged that two of the suspects sold condominiums to several victims. The victims provided their personal information which was to be used to apply for a mortgage. However, with this information the suspects also opened personal lines of credit in the name of the victims and proceeded to withdraw money. To add to this the condominiums the victims were supposed to have bought turned out to be parking lot spaces or storage lockers.

You can never be too careful. When involved in a real estate transaction:

• Make sure that you are comfortable with the people that you are dealing with. Referrals are helpful. Deal with someone who has a good reputation.

• View the property before you buy it to make sure that is physically what you expect and actually located where advertised.

• Check your credit rating often. Only you can catch new and unusual charges against your rating.

Have you been the victim of Mortgage Fraud or Identity Theft ? Or have you a real estate fraud story that you would like to tell? Let’s hear your story. Post to my blog.