Your wallet, your car, your money – these are all things a thief can steal. But could an identity thief go so far as to steal your house? Yes, they can. This is a real threat, and it’s becoming more common through a form of identity theft known as home title fraud.
How does home title fraud happen?
Home title fraud occurs when a criminal scours electronic records to find a home that has accrued equity. The thief then forges the homeowner’s signature onto a fraudulent bill of sale and transfers legal ownership of the house to themselves. Once the home is in their name, they typically take out home equity loans and disappear, leaving the homeowner with the bill. The scariest part? Most people don’t find out that title theft has occurred until they receive a foreclosure notice in the mail.
What happens if I become a victim?
The thief can use your home’s equity to take out personal loans in your name, and even sell your home without your knowledge.
Is there any way to prevent it?
There is no guaranteed way to prevent home title fraud. If you do become a victim of this or any other fraud, it can take 600+ hours to resolve, and between legal fees and other expenses, can be very costly.
The best thing you can do to protect yourself is invest in a comprehensive identity theft protection plan that includes white glove restoration services. Zander Identity Theft Solutions covers all types of identity theft, including home title fraud, meaning there is no need to pay for a costly plan that covers this separately. If you become a victim, our team will take over the work to ensure your identity is fully restored to its pre-theft status, and our plan will reimburse you for up to $1,000,000 in stolen funds and expenses.