Home title lock thoughts?
charley96
Posts: 340
I hear their commercials on the radio quite often. Appearantly theives can access your home title online and take loans against it leaving you screwed essentially. Does one really need an outfit like this to protect your home title? Always a new scam being created. They claim banks or insurance cannot protect you.
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One of my clients is a title office, I'll see if they can offer some guidance on this.So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?
http://audiomilitia.proboards.com/ -
@heiney9 is in title IIRC. Maybe he has some insight.
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I would think that the fake loan would have to be signed by the homeowner and notarized. Could they forge this or steal your identity and then have someone notarize it? Quite possibly. I don’t know.
In many counties all deed records are online, so anyone can easily see the deed to your property, which typically includes your signature. I don’t believe that there is any “title” to the house other than the deed itself, at least where I live. -
I would be interested to know how exactly the home “title lock” works. Perhaps they constantly monitor county records for any new recordings that include your name.
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I am doing my refi all online, I guess this in and of itself is ripe for fraud.
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ken brydson wrote: »@heiney9 is in title IIRC. Maybe he has some insight.
Now that you mentioned him, has anyone seen or heard from Brock? It's been almost two months since he posted, he hasn't even peeked in since April 5th. Hope he's OK.So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?
http://audiomilitia.proboards.com/ -
ken brydson wrote: »@heiney9 is in title IIRC. Maybe he has some insight.
Now that you mentioned him, has anyone seen or heard from Brock? It's been almost two months since he posted, he hasn't even peeked in since April 5th. Hope he's OK.
He posts on Facebook often -
I've seen those commercials, never even heard of that as a crime. Interested in others thoughts on this.Basement: Polk SDA SRS 1.2tl's, Cary SLP-05 Pre with ultimate upgrade,McIntosh MCD301 CD/SACD player, Northstar Designs Excelsio DAC, Cambridge 851N streamer, McIntosh MC300 Amp, Silnote Morpheus Ref2, Series2 Digital Cables, Silnote Morpheus Ref2 Series2 XLR's, Furman 15PFi Power Conditioner, Pangea Power Cables, MIT Shotgun S3 IC's, MIT Shotgun S1 Bi-Wire speaker cables
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Surprised someone on here doesn't know more about this.
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ken brydson wrote: »@heiney9 is in title IIRC. Maybe he has some insight.
Now that you mentioned him, has anyone seen or heard from Brock? It's been almost two months since he posted, he hasn't even peeked in since April 5th. Hope he's OK.
He avoiding the forum because he doesn't want to post his L200 review, IMO.Political Correctness'.........defined
"A doctrine fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t-u-r-d by the clean end."
President of Club Polk -
This is the reply I got from the manager at the title office -Surprised someone on here doesn't know more about this.
"Everyone purchasing a home would get title insurance. Any bank lending money would get a title search and title insurance. Unless some has your I.D. and looks like you I’m not sure how they would be able to do that?"
If you have additional questions, post them and I'll see what she says.
So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?
http://audiomilitia.proboards.com/ -
A few years ago, an investor friend that owns around 40 rental SF homes, had this happen to him. One of his low-priced SF houses, was vacant for a few years. He drove by it one day and saw a real estate for sale sign in the front yard. The property was free and clear of loans and liens. Vacant properties with no loans are the most vulnerable. He said the agents told him, and then showed him they had a signed listing agreement with the owner of record. The new owner of record/seller had created a fraudulent deed, forging the rightful owner's name, to himself. It was even recorded on county records. Since there was no loan payoff, the original owner was never notified of the transfer by way of a deed of reconveyance. All of the utilities were off so there were no final bills sent to the original owner either. I believe my friend did recover this property. I'm not sure of the details of what he went through or whether his existing title insurance was of benefit. I know this is considered wire fraud. My only first hand knowledge.
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This is the reply I got from the manager at the title office -
"Everyone purchasing a home would get title insurance. Any bank lending money would get a title search and title insurance. Unless some has your I.D. and looks like you I’m not sure how they would be able to do that?"
That is kind of what I though all along, BUT then I thought what if you paid off your house then that insurance and bank protection would not be relevant. So that is where I'm at now left still wondering
ID's are too easy to steal now, so anyone could become you with their picture. -
Yeah, OK, I hear what you're saying; that makes sense, probably more so if there is no loans to be settled at closing.
I'll reach out to her again tomorrow and see if I can get some clarification.
So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?
http://audiomilitia.proboards.com/ -
aprazer402 wrote: »A few years ago, an investor friend that owns around 40 rental SF homes, had this happen to him. One of his low-priced SF houses, was vacant for a few years. He drove by it one day and saw a real estate for sale sign in the front yard. The property was free and clear of loans and liens. Vacant properties with no loans are the most vulnerable. He said the agents told him, and then showed him they had a signed listing agreement with the owner of record. The new owner of record/seller had created a fraudulent deed, forging the rightful owner's name, to himself. It was even recorded on county records. Since there was no loan payoff, the original owner was never notified of the transfer by way of a deed of reconveyance. All of the utilities were off so there were no final bills sent to the original owner either. I believe my friend did recover this property. I'm not sure of the details of what he went through or whether his existing title insurance was of benefit. I know this is considered wire fraud. My only first hand knowledge.
I also figured this would be most likely to happen on a property with no mortgage, but wasn't sure. Probably not a huge concern for your average person.
Still not certain how a service would protect you against this, or "lock" your title, other than said service essentially operating as an additional "insurance" that would take care of this cost of resolving this problem if it arose. -
aprazer402 wrote: »A few years ago, an investor friend that owns around 40 rental SF homes, had this happen to him. One of his low-priced SF houses, was vacant for a few years. He drove by it one day and saw a real estate for sale sign in the front yard. The property was free and clear of loans and liens. Vacant properties with no loans are the most vulnerable. He said the agents told him, and then showed him they had a signed listing agreement with the owner of record. The new owner of record/seller had created a fraudulent deed, forging the rightful owner's name, to himself. It was even recorded on county records. Since there was no loan payoff, the original owner was never notified of the transfer by way of a deed of reconveyance. All of the utilities were off so there were no final bills sent to the original owner either. I believe my friend did recover this property. I'm not sure of the details of what he went through or whether his existing title insurance was of benefit. I know this is considered wire fraud. My only first hand knowledge.
I figured this would be more likely on a property with no mortgage, but wasn't sure. Probably not that big of a concern for your average person.
I still wonder how a title "lock" would even work. Perhaps the service that you can purchase acts as essentially another "insurance policy" that would take care of the financial costs of rectifying such a situation. -
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