Asset Title Fraud: Money 2.0 Conference Spreads Awareness Against Deed Scams
● What Is Deed Fraud?
Table of Contents
● Why Is It Dangerous? ● How Can You Protect Yourself Against It?
What Is Deed Fraud?
transfer and record the real estate title in their name without the consent of the actual owner. A deed scam is another type of identity theft; spammers begin by stealing your identity, forging your name, and then taking the title of your home. Though it seems simple to get your title back from the fraudsters, nothing stays simple once you try to bring it to justice. An eminent conference like the Money 2.0 Conference talks about deed fraud and how vacant properties are the main targets of criminals. When the legal owner is passed away, scammers take advantage of the opportunity and start living in the house. Or, sometimes, fraudsters sell the asset to bag as much as possible without letting the tenants know about the legal owner
Why Is It Dangerous?
Recently in the Money 2.0 Conference, a few finance experts shed some light on how dangerous deed fraud can be. It can be dangerous in several proven ways; check out how scammers make good money out of this infamous act:
They rent out the property illegally without your consent and take the tenants' monthly payments. The fraudsters can even open a home equity line of credit in your name, enabling them to take away your money and leave you with loan payments. Deed spammers try selling the property to a buyer with all the legal documents so they can easily pocket the profit from the legal buyers. Deed scams open a window for criminals to commit reverse mortgage scams, leaving the actual owner without a roof if caught. Real estate experts attended the Money 2.0 Conference and shared the worst-case scenario of a reverse mortgage scam: the bank or the mortgage broker has all the rights to put a lien on the property or close it for good and open it for auction!
How Can You Protect Yourself Against It?
A few of the proven anti-fraud and anti-scam methods, as highlighted in some global finance conferences like the Money 2.0 Conference, are mentioned here →
Keep An Eye On Your Credit Reports: Keeping an eye on your credit reports helps you know who is using your credit card and name for their benefit.
Monitor The Status Of Your Deed: You should regularly check and monitor your local registry to ensure that no one is carrying out any illegal acts to affect the ownership of your property.
Get Yourself Owner’s Title Policy: The best way to shield your property from such scammers is by buying an owner’s title policy that can help you with deed frauds and cover the costs associated with the problem.
Thank You! This Presentation Is Prepared By
Vinayak Joshi, Manager, Money 2.0 Conference