Real Estate Fraud – Compared to the US and Canada it’s small potatoes/papas in Costa Rica

Recently in the news in the USA:

1. Financial institutions filed 70,533 “suspicious activity reports” with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) during the fiscal year ending Sept. 30, 2010, which detail $3.2 billion in losses from suspected mortgage fraud, the report said. That’s a 16 percent increase in dollar losses from 2009, and a 117 percent increase from 2008.




2. The Federal Bureau of Investigation reported that mortgage fraud led to losses of $1 billion in 2005, up from $429 million a year earlier. Some of the fraud that slipped through during the boom is only now starting to surface.
3. The nation’s largest home lender, Countrywide Financial (CFC), is suing an Indianapolis man for allegedly orchestrating a mortgage fraud scheme in which dozens of Virginia residents were tricked into buying homes in Indiana at inflated prices.
4. And the list of US real estate investment gurus allegedly involved in ‘questionable’ get-rich-quick with no-money-down real estate transactions grows bigger every day.

Recently in the news in Canada:

1. There seems to be a small epidemic of land title fraud in Ontario, Canada.
2. An 89-year-old man has been left both heartbroken and betrayed after his North York bungalow was stolen from him in the rising wave of title fraud.
3. Massive fraud may leave law society on hook
4. Canada’s largest title insurer has gone on record as saying that the average case of real estate fraud in that country is costing consumers nearly $300,000 in loses.
5. Ontario moves to protect real estate owners from fraud.

Now you know why I recommend that you hire one of our trusted WeLoveCostaRica.com Preferred Real Estate Professionals, people that are known to me personally. If they mistreat you, they know that I will crucify them in writing for you!

Written by Scott Oliver, author of ‘How To Buy Costa Rica Real Estate Without Losing Your Camisa‘ and founder of WeLoveCostaRica.com

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.