They can download documents they need to steal your home. ![]() When I retired in 1995 (from the FBI after 26 years) it was on our radar but certainly not a priority. Title investigations weren’t a big deal back in the 90s and earlier. How often did you come across title theft when you worked as an FBI agent?Ī. If the property is foreclosed, the (banks) get the money first. The (banks) don’t care because they are first in line to get paid if something goes wrong. But going forward (after escrow closes), your title, which is a legal document identifying the owner of record, is not insured. (Banks) want (title insurance) because they don’t want any liens in the past. What do you mean? Banks require title insurance when people buy homes.Ī. Even if the court says this isn’t your loan and that this is your house, you’re still losing because of all the bills associated with trying to prove that because you don’t have title insurance. Then what (could) happen is that you spend two years and $50,000 to hire attorneys and experts to show that this is your house and you didn’t execute (the title change). Title theft is when somebody uses a false identify to change ownership on your property title from your name to their name and then secures as many loans as possible using your equity as collateral. ![]() (This interview was edited and condensed for clarity and space.)Ī. Pfizenmayer declined to reveal company sales, growth statistics and employee count for the privately held 4-year-old business.īelow, Pfizenmayer, 73 and an Encinitas resident, chats about how someone steals your house, who these thieves target and why you should pay for their services even though only a few of their subscribers have had their title ownership fraudulently altered. Most of its subscribers pay an annual fee of $149 per property. states subscribe to Home Title Lock, which advertises nationally on the radio and cable channels, Pfizenmayer said. That’s why thousands of homeowners spread across 50 U.S. The man created a legal and bureaucratic nightmare that could be perpetrated on homeowners if someone targets them. Rather than delay the settlement, “they end up paying a lien that is actually fraudulent.He remembers the story several years ago of how a mentally ill man took legal title to Petco Park away from the city and the Padres by walking into the San Diego County Recorder’s Office and submitting a properly filled-out deed transfer. ![]() When it comes up for sale, the buyer and seller learn about the lien. ![]() But in a loophole, fake mechanic liens can be put on a property, too. Contractors, subcontractors, suppliers and others can place these on a property, according to Texas law. A legitimate mechanic’s lien is a lien placed on a property by someone who believes they are owed money for work done. The second technique is a fake mechanic’s lien placed on a property. The real property owner is on the hook for whatever amount of loan they’ve taken out.” The point? “They’ve taken out a loan and used that property for collateral. The thief has forged transfer papers or a name or a notary seal and stolen the name off the property title and replaced it with hers or his. “Later on when you want to sell the property, you find out you don’t own it,” he says. This is how a property’s ownership is moved without their knowledge and illegally. The most likely technique to steal involves a fake quitclaim deed and deed of transfer, along with a fake notary seal.
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