Your property title is one of the most important documents as it relates to the ownership of your home. Unfortunately, title fraud is on the rise. Title fraud is when the title of your home is altered or used without your knowledge to sell the property, steal your identity or take out loans against the property. Many homeowners take advantage of property title protection to help fight against title fraud. But who exactly needs to be aware of title fraud and work to protect against it?
Buying a new house is so exciting, but it also comes with a lot of responsibility. One thing homeowners should take very seriously is protecting their property title. Some real estate purchases are published, so it makes it easier for potential fraudsters to find targets. New homeowners may not realize the importance of their title. This document should be checked periodically to make sure it is correct and hasn’t been fraudulently altered.
Long-term homeowners have owned and lived in their home for many years. These owners could be a few years away from paying off their homes or have already paid off the mortgage. Unfortunately, this can be an attractive situation for potential fraud. For example, if a criminal can change the information on your title, they can then take out a home equity loan based on the equity in the property. They could be long gone with thousands of dollars, leaving you in a bad situation!
Owners of Multiple Properties
There is a lot to manage and keep organized as the owner of multiple properties. It’s easy to forget about your titles being at risk. In fact, you might not even think about it at all! However, if you aren’t already using property title monitoring, it should be seriously considered. You don’t want someone to fraudulently alter one of your properties and then sell it right out from under you, do you? This is just one example of title fraud that severely impacts the real property owner.
In short, all homeowners are at risk for title fraud. It doesn’t matter how long you have owned the home or how many homes you own, titles are at risk as potential threats increase. Property title protection is crucial in the fight against title fraud. Leverage the experience of an experienced vendor to help you in your protection efforts. Protection plans can monitor your titles and make sure they are safe and secure from those trying to do harm. When your title is properly protected, you and your family are protected as well.