Langley BC Real Estate - Fraudulent Canadian Mortgages are the Banks Problem
 
April 10, 2009
 

A recent decision by the Court of Appeal stresses the need for title insurance.
 
The Court held that mortgages placed on property by persons who had fraudulently transferred title to themselves were invalid, and the lenders could not collect from the legitimate owners. This means the Assurance Fund (taxpayers) is not liable for the mortgages.
 
Look for more and more lenders to insist on title insurance after this decision.

I will be looking for the transcripts to this court decision and will be posting futher comments later this week.

Warmest Regards,

Andrew Szalontai - It's all about service
Langley BC Real Estate   -   778.862.5542
andrew@YourPerfectHome.ca
Remax Treeland Realty