Mortgage fraud in Vancouver is a serious offence. It occurs when people intentionally misrepresent their income and assets to get approved for a mortgage they don’t actually qualify for. It is also fraud for someone with bad credit to use someone else’s good credit to apply for a mortgage.
People who participate in this type of fraud can be found liable or even criminally responsible. Protect yourself from becoming a victim of or an accomplice to mortgage fraud
Never deliberately misrepresent your information when applying for a mortgage.
Never accept money, guarantee a loan or add your name to a mortgage unless you intend to purchase the property.
Use only licensed or accredited mortgage and real estate professionals, and only work with people you trust.
Never sign legal documents before reading them thoroughly and being sure you understand them.
Get independent legal advice from your own lawyer or notary.
Contact your provincial land titles office and get the sales history of the property you want to buy.
Have the property professionally inspected and appraised.
If a deposit is required, make sure the funds are payable to (and held “in trust” by) the seller’s realty company or a lawyer or notary.
At Love The Mortgage in Vancouver we take all the necessary steps to protect out clients.