DON’T BE A VICTIM OF TITLE & MORTGAGE FRAUD!!
James Tomlinson, Barrister and Solicitor, knows differently. For peace of mind, and a high degree of security, a home owner can purchase Title Insurance for a relatively low cost. James Tomlinson recommends property owners purchase Title Insurance; it has an average one time cost of between $216.00 to $270.00 for resale and new purchases.
"House Sold From Underneath Owner-- Two women charged with fraud". A 78-year-old Pickering grandmother's property was sold without her knowledge, and two women were charged with fraud following an investigation by the police. A forged Power of Attorney was used to pursuade a lawyer that one of the women was entitled to sell the home in 2001. The person named as the transferer did not exist. The fraudulent party simply pocketed over a $100,000.00. In a subsequent transaction, the same house was sold again in 2002 when the bank instituted Power of Sale proceedings. The tranferer was two individuals, one of whom was non-existent. The true owner of the home had no idea what had transpired until a second bank threatened to institute Power of Sale proceedings. That was when the retiree's granddaughters contacted police. A search of the property revealed that there was a second mortgage registered on the title that no one knew about until recently. What is shocking is that the grandmother hired a lawyer at her own costs to get her property back to her name.
After years of negotiations with her lawyer, the bank in question was pursuaded to discharge the mortgage from the property of the 78-year-old grandmother. They did so in 2008. The institution realized that she was the victim of mortgage and title fraud aided by the use of a fraudulent Power of Attorney.
In another case, a young male with excellent credit found out, to his dismay, that he owned a property in Scarborough. It turned out that his profile and identification was stolen, and the identity thieves purchased a property in his name, obtaining a mortgage in favour of a bank. The mortgage fell into arrears and the bank came calling. The fraudsters tried to pursuade the victim to assist them in selling the property with a bribe. The victim promptly hired a lawyer to deal with the bank in question.
Just imagine your home is encumbered through fraud, and you are unable to get any form of personal credit because of a mess you didn't create. I know for a fact how difficult it is to pursuade a bank that you did not borrow money against your property. "You try fighting a bank, who refuses to believe that you are the victim of fraud."
Title Insurance from First Canadian Title is your answer. Title Insurance offers significant benefits to property owners over Land Titles Assurance Fund. It provides protection for both purchasers and lenders, who are vulnerable to fraud in real estate transactions. "... it is a fund of first resort, it offers compensation regardless of whether the person is entitled to compensation under a Land Titles Assurance Fund or other funds."
For a total cost of $650.00, including legal fees and disbursements, you can be sure that you will be protected against Title and Mortgage frauds as an existing homeowner. If the 78-year-old victim mentioned above had Title Insurance, she would not have had to hire a lawyer at her own expense.
Should a fraud be perpetrated against your title, simply contact James Tomlinson, who will forward the specifics of the fraud to your Title Insurer. Your Title Insurer will attend to removing the encumbrances from your title, on your behalf, at no additional costs to you.
Without Title Insurance, a homeowner who is traumatized by Title and/or Mortgage Fraud will likely face considerable difficulties including substantial legal costs, court applications, and the inablity to get credit, sell or refinance the property in question.