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re: HOME TITLE THEFT --- now what?
Posted on 3/20/24 at 9:22 pm to tarzana
Posted on 3/20/24 at 9:22 pm to tarzana
When you purchase with a mortgage, title insurance is required. It is a one-time premium payment at the closing, and covers false claims to a title.
The only people that should be concerned about it are cash purchasers that waived the title insurance coverage.
The only people that should be concerned about it are cash purchasers that waived the title insurance coverage.
This post was edited on 3/20/24 at 9:24 pm
2
Posted on 3/20/24 at 9:30 pm to Ben Hur
quote:
When you purchase with a mortgage, title insurance is required. It is a one-time premium payment at the closing, and covers false claims to a title.
Title insurance wouldn't cover title theft but it would cover a subsequent buyer from the person attempting to steal and resell the property.
While this could happen if an amazing set of circumstances were to occur it is basically impossible for a huge number of reasons. It has happened and it may even be the fastest-growing financial crime in America, you know it happened once in 2022 and twice in 2023 so a 100% increase in a year.
Posted on 3/20/24 at 9:31 pm to Ben Hur
quote:
When you purchase with a mortgage, title insurance is required. It is a one-time premium payment at the closing, and covers false claims to a title.
The only people that should be concerned about it are cash purchasers that waived the title insurance coverage.
Ok. But this isn’t what home title theft is.
Home title theft is real estate fraud where they provide fake documents and obtain the deed to your home. Then they take out mortgages/loans against the deeds that they illegally obtained.
Only on rare occasions do they try to actually sell the property out from under someone, and then normally it’s uninhabited land. If they tried to sell a home that someone is living in then their scam would be up, and they would be caught.
Now how common is it? It’s not common at all. And it can be fixed by the true property owner, although it may take them considerable time and money.
But those commercials selling “insurance” are made to scare people into buying something they don’t need.
This post was edited on 3/20/24 at 9:39 pm
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