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Title Lock Insurance
Old 10-22-2018, 11:40 AM   #1
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Title Lock Insurance

I keep hearing advertisements on the radio for "Title Lock" insurance.

https://www.businesswire.com/news/ho...aud-Monitoring

Just curious to see if anybody here has bought this insurance product.


-Dean
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Old 10-22-2018, 12:11 PM   #2
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I have seen these for a couple of years.

Looks like a waste of money to me.

The important thing is to have current mail address with your tax assessor, as most liens of any type require notice , based on the owner of record per taxing authority.
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Old 10-22-2018, 12:27 PM   #3
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From the linked ad......."thief assumes the identity of the homeowner" (paraphrased).

So why not just freeze your credit instead of buying this insurance policy?
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Old 10-22-2018, 02:41 PM   #4
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Detection of property fraud often goes undetected until it’s too late, leaving homeowners to undergo lengthy legal battles, prolonging refinance or sales transactions, or running the risk of losing their home altogether.
I'll save the premiums and take my chances. (Oh no - not prolonged refinances!)

I check my title online at least once per year.

-gauss
p.s. I use to have much more fear of things like this until I learned a bit about how the legal system works.
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Old 10-22-2018, 03:06 PM   #5
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I just received my property tax bill from the county a few days ago. It is addressed to me at my current address so I think I'm OK and don't need insurance to "lock" my title.
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Old 10-22-2018, 03:21 PM   #6
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In nine years of fraud investigations I only heard of this crime once. A guy called and said he got a foreclosure notice on his paid-for house. I told him to call an attorney since ultimately he would suffer no direct financial loss (other than the attorney's fee) and the lender would be out the money.
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Old 10-22-2018, 03:32 PM   #7
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When you pay off your mortgage, you need to get the "mortgage satisfaction papers" from the county. And keep them "forever in a fireproof safe"!
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Old 10-22-2018, 04:11 PM   #8
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Quote:
Originally Posted by Dean56 View Post
I keep hearing advertisements on the radio for "Title Lock" insurance.
Change your radio station.
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Old 10-22-2018, 06:21 PM   #9
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Change your radio station.
+100
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Old 10-22-2018, 07:10 PM   #10
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If you own your home and you don’t get a tax bill, you might want to follow up on that . I know when my bill is supposed to come and if it didn’t, I’d be all over it way before the bill came due. If you have a mortgage and an escrow, I guess something different could happen, but that seems even more unlikely. I think I’ll pass on this type of insurance.
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Title Lock Insurance
Old 10-22-2018, 09:34 PM   #11
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Title Lock Insurance

As far as I can tell, this is not an insurance product at all. They monitor deed activity and send alerts but I donít see anything about recovering losses. Iíve looked briefly but never quite figured out how these title theft scams work. I suspect a homeowner with no mortgage is more prone to be victimized.
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Old 10-23-2018, 09:12 AM   #12
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As far as I can tell, this is not an insurance product at all. They monitor deed activity and send alerts but I donít see anything about recovering losses.

This is true, I should have been more specific with the title.

Thanks to everybody that has responded. Great inputs.

-Dean
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