Mortgage Fraud Scams Hit Calgary Media

It was just a matter of time, but finally today the Calgary Herald ran a major story on the mortgage fraud scene here in Calgary. Today’s story is right here.

Obviously Rainbow Investigations, along with others, were all wondering what took so long for the story to go public.

But now that the story is out in the general public, it is more important that ever that all parties who can play a part here provide information to the appropriate players so that we can unite to get this fraud out of Calgary.

The financial institutions, the mortgage brokerage industry, the Real Estate Council of Alberta, The Law Society of Alberta, Service Alberta, and even the provincial government can and should all work together along with organizations like ours and other lawyers representing “victim buyers”, so we can eradicate this scam out of here.

As an organization that represents “victim buyers” Rainbow Investigations knows better than anybody how devastating this is to the “victim buyer” to have deal with this situation, potentially for years. Many of our clients are stressed about this mess, many of our clients don’t handle this as well as we would like, but this is a mess they were pushed into.

In most cases, the “victim buyers” are induced into this situation, often with tremendous persistence by the perpetrator over a period of time.

Given now there is an apparent will to act by the players, this is the time for “victim buyers” who have not dealt with their situation to come forward. Many times Rainbow Investigations gets calls from “victim buyers” who choose not to deal with their situation, and then an undefended foreclosure turns into a judgment against the “victim buyer”.

This is one situation where if “you snooze, you lose” is oh so true.

Yes, Rainbow Investigations is busy, but we always find a way to look after our clients, which on this file is “victim buyers”. The vast majority of our clients are fighting their way out of this mess rather successfully albeit rather slowly.

We are a very good source to assist you with the best possible options through the civil process of foreclosure, and to organize and present your story to the authorities on the criminal side on this issue.

We want to hear from you if you are a victim buyer – rrpi2@telus.net, 403-245-0533; 403-651-9049.

Ron Reinhold

Date of Story: Wednesday, May 06, 2009
Story Posted By: Ron Reinhold
Source: Ron Reinhold / Calgary Herald

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