Home title fraud is where a criminal steals a home by forging a deed. They then illegally transfer ownership of the home without the real homeowners permission. It is essentially where a fraudster steals your home and either sells it or takes out a loan against it without you even knowing about it. When the mortgage is not paid, the property enters foreclosure.
The scammer first finds a property they want to steal, typically one with equity in it. They will then forge documents that transfer the ownership of the house to themselves. After they file the documents with the proper authorities, they now have legal ownership of the property. They then sell the property to unknowing third parties or take home equity lines of credit (HELOC) against the property and don't pay it back. Some criminals have also taken multiple mortgages against the property.
Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.
If you'd like to work with Thomas & Webber, please email [email protected]
00:00 - Deed Fraud 00:30 - How it Happens 02:30 - How to Prevent It 03:48 - Title Insurance?
