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Straw Borrowers

straw-buyer Did you know that you can go to jail for letting someone use your name to falsely obtain a mortgage?

Some people apparently don’t.  There’s been dozens of cases in the last few years where people have accepted $3000 to $8000+ to get a mortgage for someone they didn’t know previously.

It’s called being a “straw borrower” and Calgary Real Estate Board president, Diane Scott, says it can get you “arrested and charged.”

Worse yet, straw borrowers are typically fully responsible for mortgages obtained in their name. That’s true even if a fraudster “talked them into it.”

More from the Calgary Sun’s Myke Thomas:  Story