Beware of High-Interest Mortgage Scams in Thunder Bay

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Thunder Bay Police Service Unit 274
Thunder Bay Police Service Unit 274

THUNDER BAY – NEWS – The Thunder Bay Police Service is sounding the alarm on a concerning scam that preys on vulnerable homeowners within the community, with a particular focus on seniors.

This deceitful scheme has already impacted homeowners in Thunder Bay, prompting an urgent call for awareness and caution.

According to TBPS, the scam operates under the guise of door-to-door salespeople who offer to install equipment or perform home renovations. Unsuspecting homeowners are coaxed into signing long-term contracts which, unbeknownst to them, may lead to liens against their properties.

The situation escalates when the homeowners are later offered debt consolidation solutions, using their homes as collateral. These proposals come with exorbitant interest rates, sometimes as high as 25%, putting the victims at significant risk of losing their homes, particularly those on low or fixed incomes.

The Thunder Bay Police Service’s Economic Crime Unit is actively investigating these incidents and encourages community members to engage in conversations with vulnerable family members and friends, warning them of such predatory practices.

The police also recommend visiting the Canadian Anti Fraud Centre’s website at www.antifraudcentre-centreantifraude.ca for more information on this and other scams. By staying informed and vigilant, Thunder Bay residents can protect themselves and their loved ones from falling victim to these malicious schemes.

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