One of the growing concerns for county recorders throughout the United States is the increase in property fraud. To prove the point about how easy it is to perpetrate this kind of property fraud, the Daily News in New York stole the Empire State Building as a prank last December. They did return it.
There are many kinds. The most grievous is when a person brings a fraudulent deed into the County Recorders Office, pays to record the document, and, in doing so, somewhat legally transfers the property to himself or herself. Yet in reality it is theft.
Transferring the property and keeping it would make it very easy to apprehend these thieves. That's not why they do it. Typically they steal a property in this way so to borrow against the property, take the money, and let the property default be foreclosed. The unsuspecting property owner is caught off guard and has to do fight to hang onto their property and maintain their credit. Many times, the properties that are targeted for this kind of fraud belong to seniors who own their home outright. Adding insult to injury is the fact that it can cost a homeowner thousands of dollars to clear up the problem.
Some counties have had situations occur where family members will attempt to defraud each other and take a property. Notaries play a role in this process as well and may wind up in court at some point during an investigation. Appraisers who value properties higher in order to assist in the loan process have also played a part.
Recorders are not required to verify the information; they are not the real estate police. Their job is to make sure that all documents meet recording requirements as set by law, that the notary has properly notarized the transaction, the fee is collected, and the record is made part of the public record of all land transactions in the county.
Recorders have no way to verify information on a document presented to them for recording. That's why it's not part of their responsibilities and never has been. Giving them the authority would not solve the problem. They have no way to verify the validity of a document.
Counties where property fraud has become more prevalent have developed task forces to work with law enforcement officials. But task forces with teeth cost money for investigative staff, equipment and communication systems. There is a wide disparity among states and counties as they deal with this issue. Illinois only recently passed legislation requiring notaries to record thumbprints on all notarizations related to property transactions; California began this practice in 1993.
This content has been reproduced from its original source.
This content has been reproduced from its original source.
SHARE:Is home title theft a real thing? You bet it is, and here’s how to protect your property
The Watchdog surveyed the county clerks in Dallas, Denton, Collin and Tarrant counties. I also talked to the company that bombards us with advertising. I have experience covering this. A decade ago, I told the story of Norris Fisher, who stole 170 homes in Tarrant County (some kind of record) before he was shipped off to prison. So yeah, it’s real. Crooks can forge names and use fake notary public seals and change the ownership of your house without you knowing it.
Retired Teacher Evicted from Her Home
COVID19 Brings New Wave of Cybercrime
The COVID-19 pandemic created unprecedented access for cybercriminals to prey upon Americans who are shopping, working and doing virtually everything online – from home. The crime is Home Title Fraud. Cyber-criminals, foreign and domestic target our homes. Why? Because they stand to gain tens, even hundreds of thousands by taking over the title to your home. But it doesn’t just stop there. Cyber-criminals can literally have you evicted from your home.
Domestic and international thieves scour online records for homes with equity. It could be the home you live in, your vacation home, a home of an elderly relative, or rental property you own.
Once they change your home's ownership from YOU to THEM, they re-file the Quitclaim Deed for your home with the proper authorities so it appears your home has been legally sold.
They take out personal loans through banks and online lenders using all your home's equity. You likely won't know you're a victim until you start receiving late payments or foreclosure notices.
Click to see if your home's title has been compromised.
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Everything is stored online these days - including your home's title. Domestic and international cyber-thieves target U.S. homeowners equity in their homes. Removing you from your home's title takes just minutes. Then they forge their name on the title document and refile it. Next, they take out loans using your home's equity and stick you with the payments. You likely won't know until you get a late payment or foreclosure notice from several banks.
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