Nov. 12, 2015 | Lisa Wilton
Experts warn Alberta a hot spot for land-title fraud
Calgary homeowners are being warned to protect themselves from land title fraudsters who are targeting active real estate markets across the country.
"Ontario, B.C. and Alberta are the hot spots for fraud in Canada," said Marie Taylor, director and national underwriter for title insurance company First Canadian Title.
Land title fraud, also known as fraud for title, happens when a person's identity is stolen and used to create fake documents and identification – which are, in turn, used to take out a mortgage loan on the victim's home.
When the bank approves the mortgage application, the fraudster will take the money and run, leaving the victim with another large debt on his or her home.