Outsmart Mortgage Fraudsters

Because March is Fraud Prevention Month, now is the time to educate yourself on mortgage fraud, and the various ways to protect yourself from it. The fallout from mortgage fraud can include damage to the borrower ending up with a home they didn’t want, a mortgage they can’t afford or a severely damaged credit rating. With all the excitement involved in the homebuying process, sometimes we forget that the best fraud prevention tips are usually the simplest.

• Don’t sign a document that has any blanks in it, or a document that you didn’t take the time to read thoroughly (and understand). If you need help understanding it, seek independent legal advice for that.
• No matter how tempting a few thousand dollars might be, never allow anyone to use your name and credit information inexchange for money. It sounds like common sense, but it actually happens a lot more often than you may think.
• Never use false information in your mortgage application. A sketchy mortgage lender may ask you to falsify your employment information to get a mortgage you wouldn’t otherwise qualify for, or that you really can’t afford.

Remember, when it comes to your credit or fraud prevention, if it sounds too good to be true, it probably is. If you think you’ve been duped by mortgage fraud, or suspect someone of trying it, the best advice is to contact your local police department. If you have any questions about the mortgage application process, feel free to contact me.

Tags : calgary fraud, calgary fraud prevention, calgary mortgage, calgary mortgage broker, calgary mortgage fraud, fraud prevention month