Property fraud is a growing threat
But what is property fraud exactly ---- it's when someone illegally takes ownership of your home or property by forging documents or stealing your identity. They might try to sell your property or take out loans against it without your knowledge. It's like someone stealing your house out from under you!
This can happen even if you're living in your home and have no reason to suspect anything is wrong. It's a growing problem, so it's important to be aware of it and take steps to protect yourself.
National trends paint a concerning picture:
- The FBI reports that real estate fraud, including deed and title fraud, is one of the fastest-growing white-collar crimes in the U.S. (Source: FBI)
- Losses from real estate fraud reached $3.8 billion in 2022. (Source: FBI Internet Crime Complaint Center). It's likely that thousands of homeowners were victims of property fraud in 2023, however I'm having trouble pinning down good numbers.
Locally in El Paso County, Colorado, we are experiencing a surge in deed and title fraud, a crime that can have devastating financial and emotional consequences for homeowners.
- Fraudulent Deeds: Scammers forge documents like deeds of trust or warranty deeds, falsely claiming ownership and potentially selling or mortgaging the property.
- Fake Liens: Fraudsters file fabricated liens against a property, often demanding payment to release the fraudulent encumbrance.
- Seniors: Unfortunately it is the more established and long-standing property owners who are targeted. Those who no longer have mortgages or other liens on the home and have less of a reason to consistently receive information regarding it. This leaves our seniors as prime targets.
- Regularly Monitor Property Records: The county clerk in your area is the best place to start. For El Paso County, CO check www.epcrecords.com to ensure no deeds or mortgages have been recorded against your property and no unauthorized changes have been made to your property's title.
- Mailing address: Verify the?El?Paso?County?Assessor’s Office?has your correct mailing address.
- Consider credit fraud monitoring: This can alert you to suspicious activity related to your identity in case that's the route the offenders take.
- Title Insurance: Invest in owners' title insurance to help protect yourself financially in case of fraud or title disputes.
- Be Cautious with Personal Information: Never share sensitive information like your Social Security number or property details with unverified individuals.
- Vacant property: If your property is vacant, check it often to make sure it is not occupied illegally.
- Report Suspicious Activity: If you suspect fraud, contact the local authorities as soon as possible.
Stay vigilant and informed to safeguard your property rights.
#deedfraud #titlefraud #propertyprotection #realestate #elpasocounty
