What Is Title Theft?
Title theft is when someone uses a false identity to change ownership on a property title from your name to their name and then secures as many loans as possible against the property using your equity as collateral.
People are increasingly falling victim to this type of fraud because the tactics scammers use are now more sophisticated… using the latest technology to obtain information. Thieves often single out properties that are mortgage-free and where owners have a good credit rating. In particular, vacation homes, unoccupied homes, and inherited homes are targets.
Sometimes the scammer actually lives in the house and tries to sell it to an unsuspecting buyer. If a deceased relative owned a property, make sure that the title to the property is transferred to the rightful heir.
If you suspect that someone has been tampering with your credit or identity, immediately contact one of the three credit reporting agencies to place a fraud alert on your credit report.