VANCOUVER, Jan. 9, 2013 /CNW/ - TitleGuard Canada is new company offering a proactive land title monitoring service that will help stop fraudsters from taking control of property titles, and then using them to obtain new mortgages or sell the property outright.
TitleGuard is a Vancouver-based corporation, offering subscriptions to a service which immediately notifies homeowner and/or investors of attempts to register legal documents at a Land Title office. Owners can then take steps to block any fraudulent transactions before they are finalized.
This service differs from title insurance in that it can prevent fraud from occurring, while title insurance only compensates for losses after the fact. Even with title insurance, victims of title and mortgage fraud are left to expend considerable time and effort in repairing credit ratings and in restoring the legal title of their property.
Government studies indicate that mortgage-based frauds are responsible for hundreds of millions of dollars worth of losses in Canada and billions in the U.S. every year1.
|1-Sources:||2010 Mortgage Fraud Report Year in Review, U.S. Department of Justice, FBI (2011)|
| Mortgage Fraud & Organized Crime in Canada, Government of Canada, CISC (2007).
SOURCE: TitleGuard Canada
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