Mortgage Fraud in Ontario – RMS Estates Law

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Mortgage Fraud in Ontario

Raluca M. Soica
September 26, 2023

Since COVID-19, fraud has skyrocketed in Canada.

One story reported by CBC in 2023 showcased how deception can be used in mortgage transactions. The following case summary will involve Yan Ting “Tina” and Po Yuk Chan “Peggy.”[1]

Peggy and Tina met at a Thanksgiving dinner shortly before the outbreak of the 2019 pandemic. Tina had little English knowledge but ended up developing a close relationship with Peggy because of her friendly and trustworthy nature. Tina mentioned throughout their relationship that she intended to provide for her child’s university education at the University of Waterloo.

Peggy informed Tina that she owned a mortgage brokerage company and could provide Tina with a loan of $400,000. It is anticipated that the $400,000 will serve as a security loan for Tina’s property purchase. Without researching Peggy and her company, Tina agreed to work with her. Tina has signed several documents in English over the years. Upon Tina’s request, Peggy opened a joint account with her where a bank deposited a total of $330,151.73; however, within a month, Peggy withdrew almost all the funds.

Tina’s situation deteriorated further when she went to renew the mortgage on her Markham home, only to discover that Peggy had placed two additional mortgages on the property without informing and obtaining Tina’s consent. Peggy was suspected of impersonating Tina and taking out multiple loans in her name without her permission.

Further investigation revealed that Peggy had conned other members of the Chinese community, in particular those who did not read or speak English, to misrepresent all documentation.

In reality, Peggy’s advantage and misrepresentation of Tina are more prevalent than most would like to believe. Therefore, consulting with a real estate lawyer before agreeing to a loan and providing sensitive information is important.

PLEASE NOTE THAT THE CONTENT OF THIS BLOG IS MERELY FOR INFORMATION PURPOSES AND DOES NOT CONSTITUTE LEGAL ADVICE.

[1] https://www.cbc.ca/news/business/marketplace-mortgage-fraud-1.6614132

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