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Home renovation
A 28-year-old man from Oakville and a 33-year-old man from Hamilton have been charged by Waterloo police (WRPS) for renovation frauds across Southern Ontario.
The two men told victims that they were "in the business of providing debt consolidation and financial advice specifically to assist homeowners in paying out Notice of Security Interests (NOSI), commonly referred to as liens, held against their home."
They allegedly used high-pressure tactics and misinformation to convince victims to obtain multiple mortgages quickly, leveraging the home's equity.
Then, some of the money was used to pay out the NOSIs, and the rest of the money was "redirected to the accused companies, paying themselves consulting fees, lending fees, and charging the remaining amount in overpriced renovations."
One of the victims was in Oakville, three were in Waterloo, and one was in Welland.
The total loss to the victims is around $700,000.
The two men have been charged with five counts of fraud exceeding $5,000 and five counts of possession of property obtained by crime. They will appear in court on July 26.
If you are a homeowner, use reputable mortgage brokers and companies when obtaining a mortgage. If you are unsure what you are signing, it is important to seek a trusted individual or lawyer to assist in understanding the documents.
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