March is fraud prevention month. Don't be a victim of fraud.
Barry Yellin Mar 08, 2016
Do you require another mortgage to keep things afloat? But the banks and credit unions won’t give you one? You may need to turn to a mortgage broker to assist you but don’t know where or how to find one.
A Google search may be a good start. But even before that I would strongly recommend you speak to someone in the financial services industry first who could recommend a knowledgeable and helpful mortgage broker.
Recently, there has been a spate of articles in the local paper about people who have allegedly found themselves out of their homes because of, what they maintain, are steps undertaken by mortgagees and their broker that may not have been equitable or appropriate. You certainly do not want to be in their shoes if their allegations are correct.
Therefore, if you are seeking a second or even a third mortgage out of necessity, ensure that you find a mortgage broker that puts your interests ahead of anybody else’s.
Upon receiving a recommendation from someone in the financial services industry, doing further homework to find a mortgage broker is important. Here are some steps that you could consider doing.
First, do a search on the internet and see if that mortgage broker has had any negative articles or reviews written about him or her.
Second, contact the Financial Services Commission of Ontario (FSCO) and enquire if there have been any complaints or adverse disciplinary findings about that individual or brokerage.
Third, and this may seem extreme – but you may thank me for it later – go to the Courthouse in the jurisdiction in which the mortgage broker does business and enquire if that broker is a Defendant in any proceeding. If so, obtain a copy of the pleadings, Orders, and any Judgments in the matters in which the broker or the brokerage is a party and review them carefully. If you are not sure what those documents mean, take them to a lawyer to review and to tell you in plain language what they mean.
If you take these steps, and everything checks out okay, you may be in very good hands. If there are any red flags, you may wish to find another mortgage broker to assist you.