Yes, you read that right. Someone actually can steal your home’s title and use it to fraudulently list your home for sale. This doesn’t mean that somebody slipped into your bank after hours and broke into your safe deposit box. Title theft often involves complex identity theft schemes and a little bit of online research. Fraudsters focus on obtaining electronic records and identifying documents, which can open the door for them to “deed” themselves a home’s title.
Other times, bad actors may “steal” a home’s title through less nefarious ways. There are several creative methods to deed someone a home; a quitclaim deed is one such method. Sometimes, fraudsters convince one or more owners of a property to sell their ownership interests and, later on, force a sale of the entire property.
Which Houses Are More Susceptible to Title Theft?
In theory, any property’s title could fall victim to title theft. A few characteristics of houses that see title theft more commonly than other homes include:
- Vacation homes
- Second homes
- Real estate that’s attractive to investors
- Homes owned by the elderly.
What Are Signs That My Home’s Title has been Stolen?
Keeping a close tab on all your properties is the first step toward recognizing title theft. Make sure you receive payments from every tenant. Stay on top of your mortgage lender to ensure that your principal is going down. Monitor your credit reports. Be on the lookout for any abnormal utility bills. If you think there may be an issue with your home’s title, check the deed records for your property’s county.
What to Do if You Think Your Home’s Title Has Been Stolen
The first thing to do is notify the relevant parties: your mortgage lender, other owners or investors, tenants, and the police department. If you purchased title insurance—which is always recommended—call a representative and file a claim. Even if the theft turns out not to be a covered loss, you can still get helpful information from your provider.
Perhaps your most important call, though, will be to an experienced New York real estate attorney. Title theft is a relatively new development in the identify theft universe, and not many real estate attorneys are equipped to handle such matters.
Call a Trusted New York Firm TodayLedwidge & Associates have helped numerous New York homeowners get justice when titles have mysteriously been transferred to an unknown entity. We understand how important your home is to you and how hard you have worked to build up its equity. Our team is ready to serve you and help bring about a satisfactory resolution to your real estate matters. Your free consultation is waiting.
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