Title lock fraud protection
- Thread starter Beachgrl
- Start date
From what I understand, it only notifies you soon after its already happened. There is no way to place an alert with the county recorders office or to prevent a transaction before it happens. The county only process the transaction sent to them.
One option that I haven't used yet is to get a lien registered against the property that would have to be removed before the title could transferred. HELOC. Or a private loan from an LLC you setup. Check with a lawyer.
One option that I haven't used yet is to get a lien registered against the property that would have to be removed before the title could transferred. HELOC. Or a private loan from an LLC you setup. Check with a lawyer.
Ya, I was thinking of the lien/loan idea also. It seems then that any "reputable" sale (i.e. going through title office) would catch the lien and at least create likelihood of finding out. Does no good for someone selling property without going through title office.
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I've been seeing commercials about this so I got a little curious. I ended up finding the title records on my county web site and now I will be checking it on a regular basis. I spend plenty of time surfing so a couple minutes every so often to check this is no big deal. In my research, I did also discover that my county has a fraud unit (probably one or two people) that is specific to this problem. I also read that this typically happens when someone owns a second (other than main) home.
Another way to notice what's happening is to be aware of when tax and water bills are sent out. If you don't get one on time, investigate immediately.
Another way to notice what's happening is to be aware of when tax and water bills are sent out. If you don't get one on time, investigate immediately.
ncbill
Thinks s/he gets paid by the post
Discussed over on bogleheads a few months ago.
IIRC, the consensus was any fraudulent transfer would be reversed, so why bother with paying only to be notified AFTER the fact?
IIRC, the consensus was any fraudulent transfer would be reversed, so why bother with paying only to be notified AFTER the fact?
Time plays a big role in a bureaucrats response. Waiting for a tax notice that is only sent once a year as suggested above is going to make for a very cold trail. A county recorder would get much more engaged if the ink wasn't dry yet (relatively speaking).
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Wouldn't you also notice when the moving truck pulled into the driveway with the new "owners" ?
I can see where this is an issue for a 2nd home, left empty for months.
I can see where this is an issue for a 2nd home, left empty for months.
They don't have to move in to take a loan against the property.
SumDay
Thinks s/he gets paid by the post
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I had an unsavory character file a Quiet Title on some family property I owned, and it cost me a pretty penny in lawyer's & court fees to get it dismissed (with prejudice).
I've been told the best protection is to have a mortgage on the property, as it's in the mortgage company's interest to protect you, thus them. Don't know if this is true or not.
This is a very real thing.
I've been told the best protection is to have a mortgage on the property, as it's in the mortgage company's interest to protect you, thus them. Don't know if this is true or not.
This is a very real thing.
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ncbill
Thinks s/he gets paid by the post
Which wouldn't be legally enforceable...the loan company would have to eat any losses were they foolish enough to advance funds to the conman.
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It drives my crazy when I think of all I’ve had to go through to get a mortgage and my HELOC to think that this could even be accomplished.
Does it seem correct the a HELOC is as good as a mortgage in term of protection as discussed here? I have a HELOC, but no mortgage. Also, I assume that there doesn’t need to be a balance in the HELOC for this to work.
Does it seem correct the a HELOC is as good as a mortgage in term of protection as discussed here? I have a HELOC, but no mortgage. Also, I assume that there doesn’t need to be a balance in the HELOC for this to work.
