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Radio Show Notes 4/12/18 Thursday:

Can An Identity Thief Steal Your House?

Can An Identity Thief Steal Your House? The surprising answer to this frightening question is Yes! Luckily, The Real Estate Show is on the case! On this episode of our daily radio show, show host Eric Willner , shares how and innocent homeowner in the process of trying to replace an aging and sagging roof made the horrifying discovery that her home was in the process of being stolen right out from under her while still living there! Listen to the whole story by clicking above. Otherwise read on.

After noticing a small leak in what was already a roof who’s life had passed its useful life , this homeowner decided that it was time to replace the roof before any real damage to the interior of the house could happen. She had no idea of what was she about to discover. Luckily, she either could not simply write a check for the repair, or chose not to use liquid funds to make the repair, she applied for a home equity line to finance the new roof. This is when a seemingly straightforward process went awry and turn into a several months long ordeal of paperwork, including the possibility that she could lose her home. You see, in applying for the home equity loan, she found out that and identity theft thief had not only taken one out already, but also had a second mortgage application in process. Potential leaks and water damage, apparently were not the only threat to her home.

Fortunately, after several months of working with both the authorities and the mortgage companies, the whole situation was sorted out, but the threat was very real, and the outcome could have been a disaster. Most people today are more aware of the existence of financial fraud and identity theft, but who worries about the possibility of someone stealing their house?

Real estate and mortgage fraud through identity theft may not be that common, but is a very real risk. If an identity thief can steal your so security number or other identifying details, they can pose as you to a bank, broker, or other financial institution. That criminal might refinance your home for more than what it’s owed, and then take the extra cash and be gone, leaving you to deal with the payments and the lost equity. Or, they can take out a mortgage or home equity line of credit and drain your equity that way. Either way, the title is still in your name, but the equity is gone.

Another way someone can steal your house is through a fraudulent deed transfer. In some cases this may be even easier to do. The identity thief could steal your information and then use it to record a transfer of deed, which would put your property in his or her name. That means that legally you would no longer be the owner of that property. Now that the criminals name is on the deed they would have the right to take out loans against the house, and then disappear. And either situation above, if no payments are made on those loans or the mortgage, the property could end up in foreclosure.

So even though how stealing isn’t as prevalent as credit card fraud, you still need to be aware of it and take measures to avoid it. Whether you own your personal residence, a house, a condo, a rental property, or even a vacation home, any of these could become prey. As I have said all along in these articles on credit, credit fraud prevention, and even identity theft, ultimately, it is your responsibility to protect yourself. Common measures include securing your files and information. Never give out personal information over the phone, especially on calls that you did not initiate. Then, check your credit report regularly. At minimum check your credit report once a year, more if possible. Keep an eye out on any discrepancies or credit inquiries that you did not recognize.

For more details and to listen to this show in its entirety, click on the link above.

If you have a property under contract and need help or want more information, contact us at 888-595-7779 or via our website at AutomaticLandlord.com.

Learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. Then contact us at 888-595-7779 to see how we can help you with your real estate goals. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook.

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