Perla IrishThe last thing that any homeowner would want to face is the nightmare scenario where they are the victim of title fraud and they face a fight to retain lawful ownership of their property.
If you don’t think that a fraudster could actually steal your home, think again. Companies such as the Sunnyside Title agency will offer you a service in the form of a home title lock.
This is a product that is designed to monitor and alert you of any potential fraudulent activity that could affect your ownership or property.
If you are not sure what home title lock is all about and why it could be so important, here are some of the key questions answered.
How Does Home Title Lock Work?
It is a monitoring and support service. When any new documents are recorded relating to your property that could impact your own security you will be notified of any change so that immediate clarification and action can be taken to prevent an attempt to steal your home fraudulently.
You may have to file a Notice of False Filing to protect your asset and a home title lock service should provide support and guidance if someone attempts to commit fraud by trying to claim your home.
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Is it Different from an Identity Theft Protection Service?
You might have subscribed to a service that monitors your credit report and activity to alert you of fraudulent activity. However, a criminal could potentially use your home as collateral for a loan and you wouldn’t find this out using an identity theft protection service until your property title had been updated. A home title lock service will alert you as soon as any documents that affect your property ownership are lodged.
Isn’t Title Insurance Enough?
The quick answer is no. Title insurance is required by lenders but most of these policies only provide protection up to closing. That means any fraudulent activity after you have completed the purchase won’t usually be monitored by a basic title insurance policy.
How can Title Fraud be Allowed?
Unfortunately, the majority of County offices are duty-bound to accept a document that is filed if it has been notarized and signed by two witnesses. The court does not verify the authenticity or identity of the property claim. That’s why you need to monitor any activity and protect yourself.
How Big a Threat is Title Fraud?
The FBI says that real estate fraud is a growing phenomenon and billions of dollars of properties are subject to this distressing action every year. It is incredible to think that a criminal could steal your home with greater ease than taking your car.
Why do Criminals Try to Steal Your Home?
It would be incredibly audacious if a criminal tried to steal your home to live in it. All they are interested in is using the equity to take out as many loans as possible. They will make off with the money and you will be left with the debt unless you take steps to protect yourself.
What is the Cost of a Home Title Lock Policy?
You will probably be offered the option of a monthly monitoring fee or an annual subscription payment.
Either way, the cost is usually very modest compared to the horrendous consequences of finding out too late that a fraudster has targeted your home and stolen a chunk of your cash in the form of equity.
When it comes to protecting your home title, what price can you put on the peace of mind that comes with knowing someone is constantly checking for fraudsters?
