9/12/2023 0 Comments Who owns home title lock![]() Q: But what about if he took out a mortgage using the property as collateral? Don’t you still have to pay that? You didn’t!Ī: Well, the technical term of what happened is FORGERY IN THE FIRST DEGREE, and shall be punished by imprisonment for not less than one nor more than ten years. He would have to prove that your signature on that deed is valid and that YOU signed it. The new scam owner obtained his claim to ownership by a FRAUDULENT deed. Q: So, in that case, if I no longer own my house, would I have to leave my home?Ī: No, because you still DO own your home. Under TITLE FRAUD, a scammer forges your name on a deed, then files it in the records room of your county courthouse, then takes out a loan, using the home as collateral.Ī: Yes, it is a very rare but growing scam. But this title lock is totally different.Ī: Title Lock claims to protect you against TITLE FRAUD, not a legitimate claim. Yes, that is important and I always strongly recommend that every buyer purchase this coverage. Title insurance is a one-time purchase that protects you or your heirs against any claim against the validity of your ownership prior to the date you bought your house. Q: How can that be? Isn’t this just like title insurance?Ī: No, it is nothing like title insurance, but the promoters want you to believe it is. Why wouldn’t you want to protect that?Ī: You do, but this product is not going to do anything for you. Q: But John, I have heard you say many times that the title to your home is a vitally important document that proves you are, in fact, the owner. Before you purchase title lock protection, know what is included in your subscription and be a smart shopper.Q: What is this TITLE LOCK thing all about?Ī: It’sa clever combination of terms that sound important, but that present no threat to the vast, vast majority of american homeowners. The issue is not so much a loss of property as it is a time consuming task of issuing a complaint and working with the legal system to restore what is rightfully yours. If they did not, the problem rests with them, and you are not responsible for any fraudulent activity. However, the lender or buyer of the illegally obtained property should have investigated the title, liens, and impairments which are typically done anytime property is transferred or used as collateral. It is true that identity theft happens and someone can forge your name. In addition, there are some legal points that should be considered before purchasing title lock protection. Will the title lock company offer an attorney (or attorney’s fees) to work on your behalf to recover your lost property?. ![]() Will the title lock company offer restitution or a specific dollar amount should you be evicted from your residence and have to find shelter elsewhere?.Will the title lock company contact the credit reporting agencies to alert them that fraud has been committed?.Will the title lock company work with the lender or buyer to determine the fraud and develop a plan for restitution?.Will the title lock company file a complaint on your behalf with the Federal Trade Commission notifying them of your identity theft?.If these benefits are not part of your plan, your protection may be insufficient and not worth the money. If you decide that fraud protection is a smart move, there are certain benefits that should be part of your fraud protection subscription. For the most part, it is a monitoring service that merely alerts the homeowner that there may be a problem with someone using the homeowner’s identity. In addition, know that title lock protection is not insurance. Should you buy title fraud protection? Monitoring your identity for instances of identity theft is one way you can avoid title fraud without spending additional money. However, according to Forbes () the instances of title fraud are extremely rare and the need for title theft protection is unnecessary. For instance, if you are elderly and unable to monitor your identity or if you own a vacation home or rental property, you may be at risk. Although there are instances where title theft has occurred, certain demographics are more at risk than others. It may convince you to purchase title theft protection so that you don’t lose your home. The advertising for home title theft sounds ominous and rampant.
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