Identity theft can be a serious problem for a person’s life. A criminal might use identity theft to borrow against a home or make a quick buck in some other way. Even if they get caught, this could result in a serious financial loss for you. It could even result in foreclosure if you don’t catch it early enough. Knowing the different types of fraud and how to avoid them will ensure you don’t suffer this situation. Here are some of the most common types of property fraud of which to be aware.
Deed Transfer Identity Fraud
One of the more sophisticated types of fraud is through a deed transfer. The criminal will begin the process with identity theft. This will allow them to complete a discharge of mortgage. With a clear title now in their possession, they’ll begin to accumulate loans in your name. You might not even notice that this is occurring until much later when you are alerted to issues with your credit. A way that you can avoid this problem is by keeping an eye on your credit report. If anything unusual pops up, you’ll be able to solve the problem before it gets any worse.
Transferring Property of the Deceased
A scam that has become more popular involves the identity theft of a deceased person. The targets are typically found by looking through the obituary section, searching for someone that appears to have no remaining relatives. A quick public records search will allow the criminal to discover if the recently deceased person owned any property. They will have that property transferred into their name so that they can do with it as they please. If anyone in your family is gravely ill, ensuring their property is transferred following their death will allow you to avoid such a situation.
When a person dies, they might not think about what will happen to their home. In all likelihood, the home was inherited by someone in their family. If this situation isn’t settled before their death, it could cause the home to remain vacant. Seeing that the home is vacant, a criminal might decide to take advantage. They’ll have the locks changed and list the house on Craigslist or some other type of listing. You might not realize that somebody is living in the house until you arrive and the key doesn’t work or someone is occupying it.
Claiming ownership of a property that isn’t there’s has become a favorite fraud of criminals. This might be done through identity theft or by taking advantage of those that have not settled the estate of a deceased loved one. These are three types of property fraud that you should look out for.