THUNDER BAY — Thunder Bay Police are reminding the public to be cautious about a new type of mortgage scam that's making the rounds.
Recently, a senior in Peel region was bilked out of over $600,000 in a mortgage scam.
City police have recently learned about two local residents who might have been targeted in similar home-oriented schemes.
In a news release, police indicate that scammers might go door-to-door offering installation services or renovations and then get the homeowners to sign long-term contracts.
That contract may result in liens being filed on the home. The homeowners are then approached with an offer to consolidate the debt, using the home as collateral, and are pressured or tricked into signing high-interest mortgages with rates up to 25 per cent, the release said.
The Thunder Bay Police Service’s Economic Crime Unit is urging family members and friends to speak to those who may be vulnerable targets for this type of scam.
For further information about various frauds and scams that may be circulating, please visit the Canadian Anti-Fraud Centre.
