As a part of our ongoing effort to serve our clients we created this service. Title Fraud is one of the fastest growing ‘white collar’ crimes in America, and your real estate team is here to help keep you from becoming a victim.
Since its inception in the 1860s, title insurance has protected the insured party (the homeowner) against events from the past. When title is properly insured, no party from before the homeowner became the title owner can claim ownership or a financial interest in the land. Should this occur, the title insurance policy will defend the rights of the homeowner. This has always been an important form of protection, and is something that every property owner should have. Although protection from ‘the sins of the past’ is of paramount importance, title insurance has a severe limitation. It’s one of the only types of insurance that offers no protection whatsoever against any act after the insured party becomes the property owner. With the readily accessible Public Records, fraudsters have discovered many ways in which to steal title to properties. Absent the protection of title insurance, the criminals are often able to liquidate the properties, or strip them of their equity. The only way to prevent a terribly expensive and painstaking process for the victims of title fraud is early detection.
The Fraudshine State program includes a monthly ‘check-in’ with the Public Records pertaining to the enrolled property(ies), followed by an email notification being sent to the client. During the monthly updates, we are strictly searching for conveyance Deeds which indicate new or modified ownership of the property. Changing title (with a fraudulent Deed) is always the first step a criminal must take in order to cause real harm to a property owner.
If no new conveyance Deed is discovered in the monthly update, the email to the client will reflect that there have been no changes. In the event there has been a new Deed recorded in Public Records, the client will be asked to confirm or deny its authenticity. If the Deed is not recognized by the client as a legitimate document, the Fraudshine State team will assist in connecting the client with the appropriate party(ies) to take action against the apparent fraudster.
Criminals take out false loans on your property.
Stealing of wire funds or reassignment of title
Stolen funds to purchase real property
Fraudulently stealing all equity in property