Mortgage and title fraudsters who impersonate homeowners and tenants have targeted at least 32 properties in Ontario and British Columbia, investigators and official warnings suggest.
Insurance investigator Brian King, president and CEO of King International Advisory Group, said his firm had received 30 such claims in Ontario.
"What you got to understand is that the people that are doing this, it's a group. It takes several people to make this process work," said King. King said total title fraud was once "very, very rare," but now it "seems like every other file that's coming in is a total title transfer." "They are not necessarily going for the most amount of money because they want to deal with this quickly. The quicker they get in and out, the better," said King.The true owners contracted a property management company to rent out their home after moving to England for work.
He said total title fraud resulted in a legal "mess" that could take a year and a half for the courts to sort out.
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