8/12/2023 0 Comments Home title lock![]() ![]() Likewise, homeowners who access the Internet using unsecured public Wi-Fi are at higher risk for home title theft. They can then use this information to commit fraud or steal the homeowner’s identity. If a homeowner has an unsecured Wi-Fi network, criminals may be able to access their personal information if they’re close enough to the router. ![]() Once they have the information, they may sell it on the black market or use it themselves to commit home title fraud. Data Breachesĭata breaches occur when criminals access a company’s or organization’s personal information database. They may install it on the homeowner’s computer without their knowledge or trick them into downloading it by posing as a legitimate website or program. Malware is a kind of software that criminals can use to access a homeowner’s personal information. They may do this by sending an email or letter that looks like it’s from a bank or government agency or by calling the homeowner and pretending to be someone they’re not. Phishing occurs when a criminal pretends to be a legitimate company or individual to get a homeowner’s personal information. Here’s how home title theft typically happens: Phishing Theft can also occur if a homeowner loses sensitive documents like their deed or a mortgage statement. How Does Home Title Theft Happen?Ĭriminals commit home title theft in a few different ways, but the most common avenues are phishing schemes, malware, data breaches, unsecured Wi-Fi networks and mail theft. In the case of unoccupied homes, like secondary residences, the fraudster might sell the house without the owner’s knowledge or rent out the property without permission. The thief may apply for a home equity loan or line of credit in the homeowner’s name and then fail to make payments-exposing the owner to foreclosure and credit damage. 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.Home title theft is a type of real estate fraud where someone uses a homeowner’s personal information to forge a deed and steal their home. 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. 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.
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