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How do you avoid title fraud and scams when refinancing?

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Refinancing your home can be a smart way to save money and lower your interest rate. But it can also expose you to the risk of title fraud and scams. Title fraud is when someone steals your identity and transfers your property title to themselves or a third party. Scams are when someone tries to trick you into paying for unnecessary or fake services related to your title. Here are some tips on how to avoid title fraud and scams when refinancing.

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K. F. K.

Real Estate in SW FL - Insights & strategies for sellers, buyers and investors.

1 Check your credit report

One of the first signs of title fraud is a sudden change in your credit score or activity. If you notice any unauthorized inquiries, accounts, or debts on your credit report, you may be a victim of identity theft. You should contact the credit bureaus and place a fraud alert on your file. You should also review your title documents and make sure they are accurate and up to date.

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2 Choose a reputable title company

When you refinance, you need to work with a title company that will conduct a title search and issue a title insurance policy. A title search verifies the ownership and legal status of your property. A title insurance policy protects you from any defects or claims that may arise after the closing. You should research the title company you plan to use and make sure they are licensed, insured, and have a good reputation. You can check their reviews, ratings, and complaints online or with your state regulator.

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K. F. K.

Real Estate in SW FL - Insights & strategies for sellers, buyers and investors.
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Also - wire fraud persists. Phone numbers and email addresses are sometimes changed by a digit… Remind your clients to always double check and confirm wiring instructions!

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3 Beware of unsolicited offers

Some scammers may target homeowners who are refinancing by sending them unsolicited offers for title-related services. These may include title monitoring, title lock, or title verification. These services are often unnecessary, overpriced, or fraudulent. They may also try to deceive you by using official-looking logos, names, or seals. You should ignore these offers and only deal with the title company you have chosen. You should also report any suspicious offers to the Federal Trade Commission (FTC) or your state attorney general.

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4 Review your closing documents

Before you sign any closing documents, you should review them carefully and make sure they match your expectations and agreements. You should look for any errors, discrepancies, or red flags that may indicate fraud or scam. For example, you should check the names, addresses, and signatures of the parties involved, the loan amount and terms, the fees and charges, and the title insurance coverage and exclusions. You should also ask questions and seek clarification if anything is unclear or confusing.

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Walter Hackett

Counselor and Attorney at Law
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In 27 years with the financial services industry I have learned too many times that some loan officers are far more interested in getting paid than they are in providing borrowers the terms they promised. EVERY borrower should review closing documents, in detail, before signing. Even when I was working in regulated institutions the problem existed. I made it a practice to provide a time and space for borrowers to fully review loan documents and, while not the norm, it was certainly not uncommon to find a variety of errors in the documents. Keep in mind that the borrower's interests are not the same as those of lenders and their representatives.

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5 Secure your personal information

One of the best ways to prevent title fraud and scams is to protect your personal information from identity thieves and hackers. You should shred any documents that contain sensitive data, such as your Social Security number, bank account number, or driver's license number. You should also use strong passwords, encryption, and antivirus software on your devices and online accounts. You should avoid clicking on links or attachments from unknown or suspicious sources. You should also monitor your mail and statements for any signs of tampering or fraud.

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6 Update your title records

After you refinance, you should update your title records with the county recorder's office or the land registry. This will ensure that your title reflects the new loan and lender information. It will also help you detect any fraudulent transfers or liens that may have occurred during or after the refinancing process. You should keep copies of your title documents and closing statements in a safe place for future reference.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jim Harbolt

"Coming Together is a beginning, Staying Together is Progress and Working Together is Success"
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Two things. I find that using an independent mortgage broker can have access to the best rates and terms and I have been using the same title company for fifteen years. Have never had a problem. Please don't hesitate to call and chat about any real estate needs or concerns. Jim Harbolt

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How do you avoid title fraud and scams when refinancing?

1

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3

4

5

6

7

1 Check your credit report

2 Choose a reputable title company

3 Beware of unsolicited offers

4 Review your closing documents

5 Secure your personal information

6 Update your title records

7 Here’s what else to consider

Real Estate

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How do you avoid title fraud and scams when refinancing?

1

2

3

4

5

6

7

1 Check your credit report

2 Choose a reputable title company

3 Beware of unsolicited offers

4 Review your closing documents

5 Secure your personal information

6 Update your title records

7 Here’s what else to consider

Real Estate

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