Easy money may lead to hard lesson

A Fraud Alert- what are the signs?

Here's the pitch:

• Make $5,000-$10,000 easy and quick!
• Silent partner in a real estate deal
• Property has a government guaranteed insurance for your protection
• You have no administration to do
• Up to you to declare investment earnings because no T-5 issued
• Need to provide Social Insurance, birthday, tell where you work and live
• AND THE REST IS DONE FOR YOU

Here's the problem:

• The money you make is a small piece compared to the inflated value sale going on
• You are on title and on a mortgage for a property you know nothing about
• The mortgage insurance protects the lender not you, and you have liability for any loss
• The mortgage application credit bureau inquiry is on your record and you do not know what lies are on the application
• The fraudsters hope you do not declare the income because it will be a criminal offense you are hiding from
• Giving your Social Insurance, birthday, knowing where you work and live allows them to create a fraud file that may involve more than one property and they may be applying for credit in your name all over the place
• When the house goes into foreclosure, a notice is given to the Court of Queen's bench, which often shows in the credit bureau.  You are liable for any loss to the lender after the house is sold and that becomes a judgment.  Before a foreclosure happens, the insurance company has your name as an owner and that will effect your ability to obtain a mortgage when you want a home of your own.

Easy money=hard future