![]() ![]() When they fail to make payments on a loan secured by your property, you could end up in foreclosure or be unable to sell, refinance or pass the home on to heirs. They then sell the home or borrow against it, stealing your equity. Armed with forged signatures and fake IDs, they file paperwork with the county’s register of deeds to transfer ownership of your property to themselves or a third party. The scheme works like this: Fraudsters pick out a house-often a second home, rental, vacation home or vacant house-to “steal.” Using personal information gleaned from the internet or elsewhere, they assume your identity or claim to represent you. “I suspect that companies that offer title-monitoring service use that as a marketing strategy,” says Jeremy Yohe, vice president of communications at the association. The American Land Title Association doesn’t have data on the problem, either. Is it a growing problem? That’s hard to know because the FBI doesn’t break it out separately in its crime statistics. Before you purchase title lock protection, know what is included in your subscription and be a smart shopper.Answer: In 2008, the FBI identified “house stealing” as the “latest scam on the block.” Since then, it has popped up periodically in cities such as Chicago, Dallas, Detroit, Los Angeles, New York City and Philadelphia. Title lock insurance monitors for changes to the deed to your home and alerts you if the legal ownership is changed so you can immediately become aware if. The issue is not so much a loss of property as it is a time consuming task of issuing a complaint and working with the legal system to restore what is rightfully yours. If they did not, the problem rests with them, and you are not responsible for any fraudulent activity. However, the lender or buyer of the illegally obtained property should have investigated the title, liens, and impairments which are typically done anytime property is transferred or used as collateral. It is true that identity theft happens and someone can forge your name. In addition, there are some legal points that should be considered before purchasing title lock protection.
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