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According to industry estimates, losses from mortgage fraud in Canada range into the hundreds of millions of dollars annually. Here's one of the SHAMS that are being pulled on registered title owners by organized crime. The perpetrators gain access the Land Titles Registry and look for properties with large amounts of equity, properties that have little or no mortgage on them. Then by either transfer the Title into their alias for very little money or pose as the owners of the home with professionally counterfeited credentials they simply apply for a mortgage against that home, possibly your home and now it … (3 comments)
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