Your home is likely your largest asset, which makes it a target. Three kinds of fraud come up most often. Source: Financial Consumer Agency of Canada.
Title fraud
Fraudsters steal your identity, then the title to your home, and sell it or take out a new mortgage against it. A land title search at your provincial land registry shows who owns the home and any mortgages or liens registered on it. Title insurance can cover losses from title fraud.
Foreclosure fraud
It usually targets owners who are behind on their payments: someone offers a loan in exchange for your title, keeps your payments and may sell or refinance the house. If you are struggling, call your lender first and read the mortgage relief options guide.
Mortgage application fraud
False information on a mortgage application is fraud, and you can be held responsible even if someone else falsified your documents or pressured you to sign. It can also hurt your ability to borrow later.
Protect yourself
- Deal with licensed real estate and mortgage professionals.
- Read every document before you sign, and see your lawyer or notary before giving anyone the right to deal with your home.
- Keep mortgage papers safe and shred old documents.
- Research any person or company offering you a loan.
If it happens to you
- Write down what you noticed, when, and who you spoke to.
- Contact your financial institutions, your local police and your land registry office.
- Ask Equifax and TransUnion to put a fraud alert on your credit file.
- Report it to the National Fraud Reporting System at reportcyberandfraud.canada.ca.
Try the mortgage payoff calculator →
Official source
This guide explains general rules. Confirm your figures with your lender, lawyer, or the official source before you act.