Maybe you have never heard of home title fraud or deed fraud? In today's crazy real estate market, you should be aware...and be prepared.
You’ve probably heard about it through commercials in the media trying to get you to buy products to protect yourself from title fraud.
Should you be scared?
In this first episode of Season 3, Bob visits with real estate lawyer and title guru Jesi Wolnik to get the real facts about title fraud...something she has dealt with a lot as a lawyer.
What are we talking about here? (hat tip The Better Business Bureau):
Home title fraud happens when someone obtains the title to your property and changes ownership from your information to theirs. The scary part is, you may not even realize it has happened until it’s too late.
How the Scam Works:
Scammers will choose a house, sometimes a second home, rental or vacant house. They then gather your personal information from the internet or elsewhere, and take over your identity to assume the role of property owner or claim to represent you. They file the necessary paperwork to transfer ownership of your property to themselves, using forged signatures and fake identification. They then sell the home or borrow against the equity. You might not even know this has happened until a lender starts to send letters of foreclosure on your home due to failure to make payments.