{"id":38297,"date":"2019-05-07T06:31:46","date_gmt":"2019-05-07T10:31:46","guid":{"rendered":"https:\/\/www.northeastmortgages.ca\/?p=38297"},"modified":"2021-02-06T01:21:17","modified_gmt":"2021-02-06T00:21:17","slug":"mortgage-fraud-happens-heres-how-to-avoid-it","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-fraud-happens-heres-how-to-avoid-it\/","title":{"rendered":"Mortgage fraud happens. Here\u2019s how to avoid it."},"content":{"rendered":"

Mortgage fraud is something that can land you in a heap of trouble, both legal and financial. Getting hooked in by a mortgage specialist or broker that\u2019s up to no good can have consequences for you and for them.<\/span><\/p>\n

On a recent episode of CJAD\u2019s <\/span>The Real Estate Show<\/span><\/i><\/a>, North East Mortgages President Terry Kilakos and his co-host Eleni Akrivos, president of North East Realties, dove into the issue of mortgage fraud, and how you can protect yourself.<\/span><\/p>\n

\u201cWhen we\u2019re talking about fraud, the better educated you are, and the more you know, the less likely you are to be taken advantage of by unscrupulous real estate brokers and mortgage brokers and financial advisors,\u201d Kilakos said.<\/span><\/p>\n

To start, it\u2019s important to know the difference between fraud and theft. Despite sounding similar, there\u2019s an important difference, Kilakos explained.<\/span><\/p>\n

\u201cTheft is when you\u2019re getting something without any consent. You\u2019re walking into someone\u2019s house, grabbing their TV, that\u2019s theft. When we\u2019re talking about fraud, consent is obtained, but it\u2019s obtained in a deceitful way.\u201d<\/span><\/p>\n

Fraud comes in many forms, but one of the most common ways is when a property is sold for one price but, behind the scenes, cash is changing hands without it being reported. For example, Kilakos brought up an example of a woman whose financial advisor offered to buy the house directly from her. <\/span><\/p>\n

The catch was that while the woman was looking to sell for $650,000, they would agree the cost was $900,000, and once the house changed hands the woman would give her buyer $250,000 so the advisor could pay off the mandated down payment without actually having to put that money down.<\/span><\/p>\n

This is not legal, it\u2019s fraud. The woman didn\u2019t feel right about it, so she reported the sale, Kilakos said. From there, the advisor was fired and put under investigation, along with their partners in the alleged scheme.<\/span><\/p>\n

To avoid situations like this, the first step is to go with your gut. <\/span><\/p>\n

\u201cIf you\u2019re in a transaction, and it smells fishy and it doesn\u2019t feel right, call somebody,\u201d Akrivos said.<\/span><\/p>\n

It\u2019s important to make sure the people you\u2019re working with have their licences and are certified by the provincial governing board, <\/span>the OACIQ<\/span><\/a> (<\/span>Organisme d’autor\u00e9glementation du courtage immobilier du Qu\u00e9bec)<\/span>.<\/span><\/p>\n

\u201cUnder the OACIQ, we have a fund that covers up to $100,000 for fraud or misappropriation of funds,\u201d Akrivos said. \u201cIf you had a fraud case between private buyers and sellers because there were people pretending to be brokers, they are not covered.\u201d<\/span><\/p>\n

To make sure you don\u2019t find yourself in a situation where you\u2019re not covered, check the OACIQ website where they publish a database of all the province\u2019s registered brokers. You can click on the \u201cCheck a broker\u2019s record\u201d on the site, and enter your broker\u2019s name to see their professional history. If their name doesn\u2019t come up, they\u2019re not registered.<\/span><\/p>\n

It\u2019s that sort of vigilance that can keep you out of trouble.<\/span><\/p>\n

Feel free to check up on Eleni Akrivos! Her administrative record contains \u201c<\/span>no administrative statement or disciplinary measure,\u201d and a long list of continuing education credits. \u00a0The same can be said for Kilakos.<\/span><\/p>\n

You can always check out previous episodes of <\/span>The Real Estate Show<\/span><\/i> on our YouTube channel<\/span><\/a>, or on the <\/span>CJAD website<\/span><\/a>.<\/span><\/p>\n

info@nordest.ca<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage fraud is something that can land you in a heap of trouble, both legal and financial. Getting hooked in […]<\/p>\n","protected":false},"author":3,"featured_media":38303,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"featured_image_urls":{"full":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3.jpg",852,480,false],"thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-150x150.jpg",150,150,true],"medium":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-300x169.jpg",300,169,true],"medium_large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-768x433.jpg",768,433,true],"large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3.jpg",852,480,false],"1536x1536":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3.jpg",852,480,false],"2048x2048":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3.jpg",852,480,false],"post-thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-150x85.jpg",150,85,true],"melissa-img-706-471":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-706x398.jpg",706,398,true],"melissa-img-706-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3-706x398.jpg",706,398,true],"melissa-img-1200-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/3.jpg",852,480,false]},"post_excerpt_stackable":"

Mortgage fraud is something that can land you in a heap of trouble, both legal and financial. Getting hooked in by a mortgage specialist or broker that\u2019s up to no good can have consequences for you and for them. On a recent episode of CJAD\u2019s The Real Estate Show, North East Mortgages President Terry Kilakos and his co-host Eleni Akrivos, president of North East Realties, dove into the issue of mortgage fraud, and how you can protect yourself. \u201cWhen we\u2019re talking about fraud, the better educated you are, and the more you know, the less likely you are to be…<\/p>\n","category_list":"Mortgage<\/a>","author_info":{"name":"North East Mortgages","url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/delmar\/"},"comments_num":"0 comments","yoast_head":"\nMortgage fraud happens. 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