As a home or property owner, you must know how to protect your investment from fraud. By taking steps to protect your property and establishing good security habits, you can deter would-be thieves and protect yourself from financial loss. Here are some tips to secure your property from fraud.
Deed fraud is a type of real estate fraud that illegally alters the deed by forging the title, changing the legal description of the property, or changing the ownership information.
Deed fraud can have severe consequences for the victim, as it can result in the loss of the property or a decrease in its value. Sometimes, it can also lead to identity theft or other financial crimes. Read on to learn the three ways to secure your property from fraud.
If you’re no longer receiving your mortgage, tax, and water bills, there’s a high chance you’ve fallen victim to mail theft. If this happens, contact the post office and report the issue to the police. Have a trustworthy person collect your mail instead of piling it up in your mailbox when you’re out of town. It’s also wise to shred your bills before putting them in the trash to protect your personal information.
Checking your credit report is a good idea regardless of title fraud. Credit monitoring can assist you in detecting title fraud early on. Signing up for a premium credit monitoring service can put your mind at ease if you suspect fraud.
Consider paying for credit monitoring if you’ve been a victim of identity theft or want extra protection. Most services list all your loans, so pay attention if you see a line of credit or a deferred payment.
It’s something to consider when buying a property, especially for high-value properties. Even if the seller is honest, there’s always a risk that someone could have committed fraud when creating the deed. If that happens, you could be held responsible for any damage, including legal fees. Title insurance offers significant protection and covers the costs of correcting the problem.
As a homeowner, it is vital to be proactive about fraud prevention. You can do many things to secure your property from would-be criminals, and the tips shared here should help get you started. If you have further questions or concerns, don’t hesitate to contact a real estate professional.
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