Home Title and Identity Theft
Is Your Home Title Without Errors, and Can it be Stolen?
In a compelling episode on Fix It Radio, Richard Simon, an expert in title insurance and the owner of New Home National Title joined John to discuss home title and identity theft. The discussion centered on the crucial yet often overlooked aspect of real estate transactions: the safeguarding of home titles against fraud.
Richard, with over two decades of experience in the field, shared his wealth of knowledge on title insurance. He explained its significance in protecting new homeowners from any encumbrances or issues that might have been associated with the property before their purchase. Before the property is conveyed to the new owner, Richard also stressed the importance of ensuring that the property is free from liens, judgments, or tax issues.
Illegal Transfer of Property Ownership
The conversation took a deeper dive into title fraud, a sophisticated form of identity theft where criminals forge documents to transfer property ownership illegally. Richard highlighted the rise of such frauds and the importance of homeowners, especially those with significant equity or properties that are fully paid off, to be vigilant.
John and Richard also discussed the dangers of business email compromise. This is where scammers impersonate real estate professionals or title companies to redirect funds during property transactions. They emphasized the need for direct communication with title companies and the importance of verifying information before sending any funds.
The episode included advice on how homeowners can protect themselves, including regular title checks and being cautious with email communications during transactions. The show also touched on the broader implications of such scams. They noted that many perpetrators are part of sophisticated operations, sometimes even working under duress in conditions akin to modern-day slavery.
The episode was not just an eye-opener but also a guide on how to navigate the potential pitfalls in real estate transactions. It served as a reminder to homeowners to be proactive in protecting their most valuable asset—their home.
Home Title Theft Insurance – Is it Optional?
As John has mentioned on Rush To Reason, he has often spoken about how this type of insurance is optional if you can monitor it yourself, “I’ve said this (John) even on the daily show. I’ve had people actually text me on this show and the daily show asking, do I need to sign up for some of these services that are advertised that are advertising this title fraud? Insurance stuff? No, I don’t feel like you need to. Everything that Richard just gave us as tips on how to watch this, you could do this yourself for a very nominal fee versus paying a monthly fee.”
However, John also mentioned how this type of service may be beneficial for older adults. There are situations, depending on where you are in the country, how many properties, and if there is a mortgage on the property, which may make getting title theft insurance beneficial.
Check out this episode of Fix It Radio, listen to the pros, cons, and tips on DIY title theft protection, and see if this type of insurance is right for you.
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