![]() A trustworthy organization or individual will not ask you to transfer your property rights to themĮven better, many counties now provide a consumer notification service. Never turn over your deed or transfer ownership of your home to a mortgage assistance company. Never transfer ownership of your property.If you’re asked to pay for services up front, be suspicious It’s almost always illegal to ask for upfront fees for a loan modification. Legitimate organizations and individuals can only promise to work hard for you. Beware of guarantees or promises from companies or individuals that “guarantee” or “promise” that you will receive a loan modification or any other outcome with your mortgage.If you are in default or foreclosure, be skeptical of telephone or in person solicitations from strangers who promise they can deliver a loan modification or stop a foreclosure. Scam artists are preying on homeowners who are struggling to make payments on their mortgages. Scam targeting homeowners in default or foreclosure When they fail to make payments on a loan secured by your property, you could end up in foreclosure or be unable to sell, refinance or pass the home on to heirs. They then sell the home or borrow against it, stealing your equity. Armed with forged signatures and fake IDs, they file paperwork with the county’s register of deeds to transfer ownership of your property to themselves or a third party. The scheme works like this: Fraudsters pick out a house - often a second home, rental, vacation home or vacant house - to “steal.” Using personal information gleaned from the internet or elsewhere, they assume your identity or claim to represent you. “I suspect that companies that offer title-monitoring service use that as a marketing strategy,” says Jeremy Yohe, vice president of communications at the association. The American Land Title Association doesn’t have data on the problem, either. ![]() Is it a growing problem? That’s hard to know because the FBI doesn’t break it out separately in its crime statistics. Answer: In 2008, the FBI identified “house stealing” as the “latest scam on the block.” Since then, it has popped up periodically in cities such as Chicago, Dallas, Detroit, Los Angeles, New York City and Philadelphia.
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