Convicted fraudster reveals ways to protect homes against title fraud

Summary

Home title fraud is one of the fastest-growing white-collar crimes in the U.S., with criminals making millions off unsuspecting homeowners. In an exclusive interview, a former federal inmate who was once on the FBI's most-wanted list shares how easily this crime can be committed using just a few sheets of paperwork. The fraudster explains how they can steal your home’s equity by forging documents and taking out loans in your name, all while you remain unaware. Experts suggest regular checks of your home title and using services like Home Title Lock to protect against this risk.

Takeaways

• 😀 Home title fraud is one of the fastest-growing white-collar crimes in the country.
• 😀 Criminals can profit millions off your home without you even knowing it.
• 😀 A former federal inmate, now reformed, shares insights into how home title fraud works.
• 😀 Fraudsters need only a few documents to access your home's title and make money off it.
• 😀 Matthew, the reformed criminal, was responsible for $15 million in title fraud, according to the FBI.
• 😀 The fraud scheme involves using fake IDs, opening bank accounts, and taking out mortgages in someone else's name.
• 😀 Fraudsters can borrow multiple mortgages against your house, steal the money, and leave you in foreclosure.
• 😀 Homeowners often don’t realize they are victims of title fraud until it’s too late.
• 😀 To protect your property, homeowners should check their home title regularly, even monthly or weekly.
• 😀 Hiring companies like Home Title Lock can help monitor your title and provide legal assistance if fraud occurs.

Q & A

What is home title fraud?

Home title fraud is a crime where criminals illegally take ownership of a person's home using fraudulent paperwork, often without the homeowner knowing until it’s too late.

How do criminals commit home title fraud?

Criminals can commit home title fraud by obtaining a few key documents, forging them, and then taking out multiple loans on a homeowner’s property. They can then pocket the loan money while the homeowner remains unaware.

Why is home title fraud growing in the United States?

Home title fraud is one of the fastest-growing white-collar crimes in the country, largely due to the ease with which criminals can access public records and the high value of the real estate market, especially in places like Tampa.

What role does paperwork play in home title fraud?

Paperwork is central to home title fraud. Fraudsters only need a few documents to forge and create fake identities, which they then use to take out loans on the property.

How do criminals steal money from the homeowner through home title fraud?

Once criminals forge a homeowner’s identity, they can open bank accounts in their name, take out multiple mortgages on the house, and withdraw the loan money before the homeowner even realizes what has happened.

What is the typical timeline for a criminal to carry out home title fraud?

Criminals can complete the fraud process in just a few weeks, from filing the paperwork to withdrawing the loan money, before the homeowner even becomes aware of the issue.

How can homeowners protect themselves from home title fraud?

Homeowners should check their home title regularly, either on a monthly or weekly basis, to detect any unusual activity. Hiring a company like Home Title Lock to monitor their title can also provide added protection.

What service does Home Title Lock provide to homeowners?

Home Title Lock helps homeowners by regularly checking their home title for any unusual activity. If fraud is detected, the company will advocate for the homeowner and help them legally resolve the issue.

What makes home title fraud so difficult for homeowners to detect?

Home title fraud is often hard to detect because the criminal takes out loans and moves the money quickly. By the time the homeowner notices something is wrong, the fraudster is already moving on to their next victim.

What advice does the former criminal give to homeowners?

The former criminal advises homeowners to monitor their property title regularly and be vigilant about potential changes. He also suggests seeking professional help from services like Home Title Lock to protect against fraud.