7 ways to avoid home title theft
Home theft is generally used to refer to break-ins and robberies. However, a new kind of home theft has taken precedence – home title theft. The FBI first began issuing warnings about it in 2008, sharing that thieves and scammers had found a way of stealing people’s houses and that it often went undetected. This article explores the meaning of home title theft, how it happens, and offers tips and suggestions to prevent it. Understanding home title theft Home title theft or fraud occurs when someone steals a home by forging a deed using the homeowner’s personal information. They may choose to apply for a home equity loan or a line of credit in the homeowner’s name. Since the mortgage remains unpaid, this may result in foreclosure and credit damage. Alternatively, scammers may also find an unoccupied home, such as a vacation or rental home. They may continue to sell or rent this property illegally without the knowledge or permission of the homeowner. Fraudsters often target specific groups of people, such as those who have been victims of identity theft in the past, senior citizens, low-income households, vacant homes, and homeowners with paid-off properties. How is a home title theft committed?
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