(Newswire.net — July 21, 2023) —
Many Florida homeowners have learned the hard way that one or more criminals literally have stolen their homes from them. The homes are still standing, and the homeowners might still live in them. Yet, fraud enables criminals to swipe the property without setting foot on the property.
Unfortunately, titles are not foolproof and can be stolen, counterfeited, or otherwise altered, and title fraud is rising in southeastern Florida. If you are a homeowner and a criminal obtains enough of your personal information, it would be possible to transfer that title to someone else. Once the transfer is done, the new “owner” could take out loans using the stolen home as collateral. That person might even sell the home to another party and pocket the proceeds.
A title is a critically important legal document that affirms ownership of a home, vehicle, or other property. Those who are named on respective titles are the legal owners of that property. Its legal weight makes a title a very important tool for homeowners to prove they have legal ownership and control of the property, which often represents the single most valuable asset that people own.
How Title Fraud Typically Occurs
Title fraud combines two types of criminal activity. One is identity theft, which could occur in many ways, including a variety of online scams. The other criminal activity is mortgage fraud, which enables criminals to obtain mortgage loans based on a false claim of homeownership.
The FBI refers to the criminal act as house stealing and says once a criminal has your personal information, that person can create fake IDs, a counterfeit social security card, and other items that falsely identify that person as you. The scam might then lead to a trip to an office supply outlet to obtain forms that enable the transfer of property. Criminals can use fake IDs and forge your signature on the title transfers. After filing the falsified documents with the respective local authorities, your house suddenly belongs to someone else.
How Homeowners and Buyers Can Thwart Title Fraud
You might come home from work or maybe wake up one morning and find a work crew preparing to demolish your home. It really has happened before, and you might not have time to stop it. After all, the new owner likely has the legal right to demolish your home or do whatever they see fit as long as it abides by local zoning laws.
If you have reason to believe you are the victim of title theft, you should take swift action. Your first move should be to retain a Vero Beach title lawyer to help by immediately seeking a court injunction to stop the property transfer. The attorney also could help to stop any activity that affects the property while the matter is investigated and eventually settled. You would need to file a complaint with the local police and provide evidence that you are the home’s rightful owner.
You can help to prevent title fraud from happening to you by being vigilant. You should occasionally check your home’s property and title records that are on file with the Indian River County registrar of deeds to ensure everything is in order. If you see any alterations, you should investigate immediately. You also might receive a payment book from a mortgage lender or other documents regarding a mortgage loan that you did not seek. Those are signs that someone used your home as collateral to obtain a loan. The sooner you act, the more likely you can stop the fraud.