Home Titles and the theft thereof

[kingfish]

This has in fact happened (do a websearch) although I do not know the numbers but they are probably out there on the internet. Yes, you have the paper copy of your deed locked safely away. However if the county files one of these QCDs, a thief can then take out a loan against that property as collateral. When the bank checks the county records, it shows that the loan applicator does own the property so they grant the loan and place a lien on it. You may not be aware of any of this until the bank sends the Sheriff out with a foreclosure notice for nonpayment. The theives are smart. They review the county records and look for homes with high equity on their loan or paid off so they can maximize the loan against the property. It can be a real mess to undo this and cost a lot in legal fees. At least with a title monitoring company, you will be made aware of this happening immediately (they can't stop it from happening), but you can start the legal process right away before the bank forecloses. It' a hideous crime often taking advantage of older people who own their homes clear. The title monitoring companies may have some legal insurance policy that goes along with the monitoring monthly fee to cover recovery costs, but I have not looked into it that much.

Now that I think about it, it was probably a group of lawyers sitting around in a bar one afternoon that came up with this idea and put it out there in the wind to create a new revenue stream.

 

[chuter]

After looking into it a few months ago I found that it does happen but rarely.
My question to the company selling the insurance; how do they monitor every minute 24/7 like they say? What is the technical means of doing that?
They just say they contact you if they find that the theft has happened, which is not prevention like they say. It's just supposed to let you get on it fast before too much damage is done.

I just check mine once a week.

 

[1911DA]

I do not understand these squatters that take over a home while someone is on vacation or spending the winter or summer in another location. If it's your property it makes sense to me to treat it as a home invasion and use a 12 gage or AR as the means of eviction...........I know of one case where it took about 6 months to get the squatters out and they stole everything they could and trashed the place while the courts and the sheriff said there was nothing they could do about damages. I really believe l would use a baseball bat and a good mask so l couldn't be identified

 

[kingfish]

Since these are public records I assume they use an algorithm to crawl through these continuously and if they get a match with a policy holder it gets flagged and sent for processing.

 

[KOPBET]

FWIW:

The Home Title Theft Baloney

Some gullible folks buy insurance against their home getting stolen by scammers. Maybe the real threat is from those same insurers.

www.forbes.com

 

[Snattlerake]

This has in fact happened (do a websearch) although I do not know the numbers but they are probably out there on the internet. Yes, you have the paper copy of your deed locked safely away. However if the county files one of these QCDs, a thief can then take out a loan against that property as collateral. When the bank checks the county records, it shows that the loan applicator does own the property so they grant the loan and place a lien on it. You may not be aware of any of this until the bank sends the Sheriff out with a foreclosure notice for nonpayment. The theives are smart. They review the county records and look for homes with high equity on their loan or paid off so they can maximize the loan against the property. It can be a real mess to undo this and cost a lot in legal fees. At least with a title monitoring company, you will be made aware of this happening immediately (they can't stop it from happening), but you can start the legal process right away before the bank forecloses. It' a hideous crime often taking advantage of older people who own their homes clear. The title monitoring companies may have some legal insurance policy that goes along with the monitoring monthly fee to cover recovery costs, but I have not looked into it that much.

Now that I think about it, it was probably a group of lawyers sitting around in a bar one afternoon that came up with this idea and put it out there in the wind to create a new revenue stream.

Probably correct about the lawyers. If the title monitoring companies can find out what is going on, why can't I? Where would I have to go? The internet? The banks? What do they do that I can't do?

Thieves just torque my nut!

We had a Walmart manager stealing from his store. It was before Christmas. We had evidence and an itemized list of everything he stole. Us bad ol cops stole the tree, the house lights, the presents under the tree and even the Christmas turkey. Since papa was under the custody of the county, us bad ol cops drew together and bought back the tree and presents for the kids. That was not reported in the paper.

 

[Glock 'em down]

My eyesight is getting worse...I thought it said Home *******!

 

[THAT Gurl]

After looking into it a few months ago I found that it does happen but rarely.
My question to the company selling the insurance; how do they monitor every minute 24/7 like they say? What is the technical means of doing that?
They just say they contact you if they find that the theft has happened, which is not prevention like they say. It's just supposed to let you get on it fast before too much damage is done.

I just check mine once a week.

This seems like the most prudent -- and economical way -- to handle this mess. And then, if you find a problem, you can get a lawyer involved. I would just look at it like I do all my other secretarial duties around here. Check account balances, check card balances (to make sure there have been no breaches -- I actually did catch something before the credit union did, but that was a LONG time ago. Lol), make sure what needs to be paid gets taken care of. I do these things every morning, right after the mailman comes. It's just routine. Takes all of 15-20 minutes ... I'm pretty sure adding a quick check of the county assessor's website wouldn't strain anyone. And the peace of mind would definitely make the few minutes time well spent.

 

[chuter]

Since these are public records I assume they use an algorithm to crawl through these continuously and if they get a match with a policy holder it gets flagged and sent for processing.

Maybe, but you're saying crawl ALL of the county property records in the USA, continuously, every second of every day (like they claim), and then check those records against their client list; seems like that would take a huge amount of network/hardware/power to make that work.
And every county probably has different access methods.
I remain unconvinced, but open to having my mind changed. Not saying it isn't possible, I just think they're full of BS.

 

[Shadowrider]

Maybe, but you're saying crawl ALL of the county property records in the USA, continuously, every second of every day (like they claim), and then check those records against their client list; seems like that would take a huge amount of network/hardware/power to make that work.
And every county probably has different access methods.
I remain unconvinced, but open to having my mind changed. Not saying it isn't possible, I just think they're full of BS.

A lot of county clerks are computerized and have online access but you are correct, it varies widely.

This title lock thing is just an insurance policy in all reality.