Home Title Fraud Is It Real

Marjory has weighed in before on real estate issues related to buying a home and real estate closings.

Home title fraud is it real. Home title fraud earned the latest scam label from the FBI back in 2008. It is a crime that occurs when someone fraudulently replaces your name on the title to your property with their name. The FBI reported that in 2017 9600 people lost a total of 56 million through wire fraud involving real estate.

Title Lock claims to protect you against TITLE FRAUD not a legitimate claim. By comparison Home Title Lock costs about 15 per month per property or about 150 per property if billed annually. Once considered rare home title fraud is now thought by some experts to be one of the fastest growing cybercrimes in the US.

Older people are the most common targets because they typically have more equity in their homes and may not be as online-savvy or pick up on signs of fraud right away. In this scheme someone tries to transfer ownership title of an owners property to someone else. Then the criminal tries to use your homes equity to secure as many loans as possible.

Its the act of fraudulently transferring a home deed out of your name and into another persons. Not monitored or unattended or not regularly occupied. Home title theft also known as deed theft is when someone obtains your property deed without your consent usually by way of identity theft.

According to the FBI house-stealing and home title fraud is not a common threat right now and we believe the cost of home title insurance may not be worth the limited protection it provides unless your property is. Owned by someone who is elderly or vulnerable. Paying a company to put a lock on your homes title is a waste of money.

Home title fraud also known as deed fraud is different from mortgage fraud. If you are the victim of a title theft scam the best place to start is to call the companies where the fraud occurred. Clark asked five real estate lawyers and they all said the same thing.