Cybercrime is running rampant out there – many things are happening in identity theft, ransomware, and all sorts of phishing and phone scams. The latest scam newcomer to the block is a whole new breed of crazy: home title fraud. Criminals make forged deeds of your property and then file paperwork with your county claiming ownership of your home. They then can take out loans and use all of the home equity that you and your loved ones worked so hard to protect in the first place.
The Details of How Home Title Fraud Happens
What’s disturbing is that many homeowners aren’t even aware that they have been targeted until they receive a letter from their lender that they are now in foreclosure. Sometimes, a homeowner might even discover someone else living at their property! You might think that this is just some far-fetched story and could never happen to you, but it’s happening much more than you might expect. In fact, from 2015 to 2019, real estate and rental fraud grew more than 2.6 times the rate of credit card fraud. It has been reported that real estate losses are now twice as much as credit card fraud as well.
How to Protect Yourself From Home Title Fraud
Now that you know what you’re up against, here are some steps you can do to stop home title fraud:
- Keep your information private and shred sensitive documents
- Review your bank account and credit report regularly
- Track your bills and statements and watch for unexpected changes
Home Title Lock can build a virtual firewall around your home with 24/7 protection. They can alert you of any tampering of your title or mortgage, and even assist you in going to court.
Don’t be a victim to home title fraud – protect yourself and see more through the visual deep dive below: