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The Water Cooler
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Home Titles and the theft thereof
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<blockquote data-quote="kingfish" data-source="post: 4089586" data-attributes="member: 50496"><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="kingfish, post: 4089586, member: 50496"] 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. [/QUOTE]
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