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luckydriver

deed theft..to worry?

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ads on the radio so i had to look it up. it says;

 

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. 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. They then sell the home or borrow against it, stealing your equity. 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.

 

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i dont get it. i thought a title couldnt be transferred until your loan is paid off. are there that many homes paid off that they can victimize? even so, i find it hard to believe that banks/title companies etc  dont take the hit for this. to me it's akin to someone using your stolen credit card.  in every other cop show i watch on tv, if you are holding stolen property, you are doing something illegal. why wouldnt this apply to homes if it applies to a toaster and the original owner be given their home back

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Its companies selling you a "protection product". Yes, it would be possible for someone to record a false sale at the county recorder's office, but it would involve criminal activity, namely forgery. It would take some effort to undo a criminal such as that, and one should check with their homeowners or title insurance to see if there is anything in there to protect against criminal theft of real estate.

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marketed by the same people who sell Alec Trebec scam insurance, natural skin tab lotions, and the subprime discovery card.

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