eed theft is an to help, the crooks just forge
increasingly popular crime the owner's name on a quitclaim
in the real estate deed and file it with the county.
industry. It usually works like A quitclaim deed is a statement
this: A company will post signs from a property owner that he or
around town offering to "help" she no longer wishes to maintain
those facing debt problems that any interest in the property.
might lead to foreclosure. That document specifies who will
Representatives of the company take over ownership.
meet with the homeowner and offer
to take over the payments for a In some places, the thief will
year or so while the owner gets have the document notarized by an
his or her finances in order. The accomplice. In others, the thief
company urges the owner to sign will simply take advantage of an
over the property to the company, overworked or inattentive notary
with the understanding that after public before filing the document
a year or so, the owner may buy with county clerks who usually
the property back. It seldom, if don't bother to check if the
ever, works that way. Once the document is legitimate. In either
property is signed over, the case, the result is the same. The
company often evicts the former thief now "owns" the property and
owner and sells the property at a is free to sell it or refinance
profit. The owner gets nothing. it. Usually, once having done so,
the thief and the money
This scam has been working well disappear. Under the right
for years, but apparently isn't circumstances, this can even
efficient enough for some crooks. happen without the real owner
In a new twist, some clever even realizing that it has
criminals have found a better happened.
way. Now, instead of pretending
This type of theft is becoming the meantime, clerks and notaries
more and more prevalent in public are being urged to
hotbeds of mortgage fraud such as scrutinize such documents more
the Southeastern United States. carefully. Deed theft and
Law enforcement agencies are mortgage fraud are serious
often at a loss as to how to problems that are costing
follow up on this crime, as they Americans hundreds of billions of
often will have little more to go dollars annually.
on than a name on a document,
which may not even be real. In
About the Author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.homeequityhelp.net, a site devoted to information regarding home equity lending.
