How to Protect Yourself from Home Title Fraud
Though home title theft is not a common occurrence, it is worth knowing about. The more knowledge you have, the easier it is to protect yourself. Here is what you should know about home title fraud/theft.
What is Home Title Fraud?
Home title fraud can occur as a result of identity theft. The thief uses your personal information to transfer your home’s title into their name. Once that happens, they can then sell the home for profit or borrow money against its equity.
How to Protect Yourself
Watch Out. One of the ways you can protect yourself from home title fraud is to monitor your bills. Have automatic withdrawals stopped? Have you noticed that other bills have stopped arriving? This may be a sign that someone has stolen your personal information.
Monitor Credit. You should be checking your credit report regularly. This is an easy way to spot fraud or identity theft. If you see charges or suspicious activity, report it immediately.
Seek Insurance. Home title insurance can be helpful, but you should be wary about paying for it. Many times these services can’t do much when title fraud occurs. You will likely not recoup any of the money associated with retrieving the title. Not only that, you could get home title protection for free from your local government. Just do a quick search and sign up.
Do One Thing: Research home title protection services that might be offered by your local government. This is an easy way to keep fraudulent activity at bay.