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    Rainbow Investigations
    513-18th Avenue SW
    Calgary, Alberta
    T2S 0C6

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    Thoughts From Calgary's Mortgage Fraud Fighter

    As we head into 2011, we believe the tide is turning on the infamous Calgary mortgage fraud situation. From our prospective, as the one investigative/paralegal service dedicated to helping “victim” or “straw buyers”, it remains both a rewarding, and at times a frustrating course to take.

    On the rewarding side, our many clients who have benefited from our services remain our pride and joy. We have helped three clients completely end their involvement in three specific properties, by us getting banks to curtail litigation against our clients with no deficiency judgment whatsoever, for a variety of reasons.

    We have at least 5 clients in position to where being discontinued by the bank in litigation with no judicial deficiency remains more than a strong possibility. In two recent cases, banks have amended their Statement of Claims to now include the fraudsters, and other parties as Defendants, largely based on information our clients have provided to the banks with our investigative results to back up these findings.

    We have six files where our clients Third Party Notices against Fraudsters have resulted in Note in Default filings. In one case we have actual judgment, and have identified assets, and are set to enforce against third parties on behalf of our client. We intend to have many more similar judgments shortly.

    We have located many of the more difficult yahoos that try to hide through sources, but some fraudsters have clearly left the Calgary area. We are responsible for a whole bunch of realtors being given lifetime withdrawals from either real estate and / or mortgage brokerage, and we have a whole pile of these so-called “professionals” who we will be forwarding info to the appropriate regulators about real soon.

    And out of our 42 current clients, and probably 60-70 clients since we started on this in 2008, we have only had one client that has gone to bankruptcy, and that was a choice that client made based on other financial issues.

    Nobody in our client list has had any adverse effects that we know of other than the obvious stress of having to deal with this issue. Most of our clients handle the situation reasonably well, a few others struggle with the situation. But all our clients still have their houses, still have their equity in their house, still have their jobs and careers, and they have the knowledge that they have people who know the issues in this area that are working with purpose on their behalf. All of our clients know what happened, who did it, and how they did it.

    Our strategy is clear cut, we feel it works, and we are proud of it. We believe this is the correct way to fight mortgage in Calgary at this time.

    First we investigate thoroughly the situation for our client by doing all the land titles searches including the historical ownership. We then get our client to write a narrative of what happened. Then we assess the current owing on the mortgage, the likely deficiency, the likelihood of value returning to the property.

    We, of course, checkout the fraudster, and see if he/she is one of the 55 or so fraudsters we have files on. If it is a new fraudster, we get our student to do the usual profile searches through google and social networking, and then we add the usual litigation history and corporate searches as necessary.

    We report our findings to our clients and we let them make a decision on how to proceed on the property. We always recommend our clients get control of properties in their name, and get them out of fraudsters’ hands, especially on rental situations.

    If we do have to have our clients give up the property, we encourage our clients to explain to the bank explicitly what happened. We don’t recommend they hide anything. We subtly, and sometimes not so subtly, challenge the banks to go right after the fraudster, and if they won’t do it, we will do it for them.

    We think our results speak for themselves.

    Yet on the discouraging side, some of our client base, especially females, have a variety of fears, that seem way out of context, and to which there is no historical basis for. Fears that they will be charged criminally, fears that they will not be successful in fighting fraudsters, fears that “putting their cards on the table” will expose themselves and hurt them even more. Fears that going after the fraudster will never produce any meaningful results.

    We are not aware of a single file ever where a straw buyer, by explicitly and pro-actively putting their information of what happened right to the bank, resulted in a further adverse reaction to the straw-buyer that would not have otherwise happened had she/he “hid” the information. In fact, our experience is that the exact opposite happens regularly – the people of interest usually start to focus in on the fraudster.

    Not all professionals here think our approach is right. We routinely get criticized second hand from inquirers who compare us to “experienced legal counsel” and other “financial professionals” who are recommending against us for suggesting that our client “expose themselves”. Our chosen strategy of encouraging our clients to “put all the cards on the table” and demonstrate clearly who really got value and benefit from these fraudulent transactions, and go after the fraudsters explicitly, is routinely thought of being unrealistic to get benefit from the fraudster, and is a waste of time and money (and what we charge is a fraction of what law offices charge).

    Well, we are so sorry folks, but on this issue, we will not change our strategy one iota. We are of the opinion that “hiding” the information from banks and others simply helps fraudsters. Nothing excites the fraudster more to know he got away with it, and the “victim” will not pursue him. These so called “professionals” recommending such an approach are, in our humble opinion, really just helping the fraudsters.

    Unfortunately though, for the fraudsters, it is not quite that easy. We’ll just let you know that as long as Rainbow Investigations is in this town, we will keep after you, and we will do what we have to, to benefit the people who understand the issues (and even to benefit those “professionals” who don’t seem to understand).

    So now you know our approach, and you know our strategy, and if we can help you, please give us a call.

    If you think we are wrong, by all means call us crazy, say we’re out to lunch, call us inappropriate, whatever. Do what you have to do to discredit us – most definitely!

    But we think going right after the fraudsters is the correct approach, and the only sensible approach to get these yahoos out of here. Getting these fraudsters out of here is the solution; hiding the crimes just prolongs the scam.

    Only history will determine which approach is right.

    We will see…

    Date of Story: Sunday, January 09, 2011
    Story Posted By: Ron Reinhold
    Source: Ron Reinhold

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