4 FAQs about Property Fraud
Are you a homeowner? Then, you should learn about title theft, as this criminal scheme threatens the security of your property. Knowing more about it can help you avoid falling prey to this crime. Here are some of the most frequently asked questions about it. What is title theft? Title theft, which is also known as property fraud, happens when people steal your identity and use it to impersonate you. They then do legal and financial transactions to transfer your home under their ownership. Once they have your assets in their hands, they'll take out as many loans as possible, using these as collateral for the debt. Usually, the homeowner is unaware of these illegal activities until they're notified by the lending party that they want to foreclose the house. How do these criminals perform identity theft? They obtain your personal information, such as your birth date, Social Security number, and credit card details using various means. It used to be a pretty rare probl...