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Home Refinancing Scam - Thieves Use Identity Theft to Steal
Your Equity
Since the demise of the stock market in 2000, the real estate
market has been booming. Investors who are justifiably cautious
about investing in stocks have been investing in homes. This has
driven the prices of homes in the United States to record levels.
Long-time homeowners are discovering that they have a tremendous
amount of equity in their homes as the values rise, sometimes in
the hundreds of thousands of dollars. The past five years have
been good to homeowners and lenders. Unfortunately, the past five
years have also been good to equity thieves, who are using
identity theft to steal the equity from homes, often without the
homeowner's knowledge.
As the median value of a home in the United States is
currently a little more than $200,000, there is plenty of
incentive for the equity thief. The scam is relatively simple and
usually involves homes that are completely paid off. The thief
obtains a copy of the homeowner's Social Security number and a
fake driver's license in the homeowner's name. Using this fake
identification, the thief forges a quitclaim deed, a document
transfers a homeowner's interest in a property to a third party.
The document says, in essence, "I don't want this property
anymore." The property can then be transferred to anyone the
thief chooses. Once the transfer has taken place, the thief
applies for a home equity loan, takes the money, and simply walks
away. In an alternate scenario, the thief simply sells the house
and pockets the money. As most agencies involved in real estate
transactions are quite busy these days, property transfers of
this type can often be accomplished without drawing undue
attention.
This is just one of many scams that have sprung up in recent
years involving real estate. While the authorities are certainly
interested in catching the thieves, such cases quickly become
rather complicated and few police departments have the necessary
expertise required to deal with these cases, since they are
fairly new. More often than not, the homeowner has little
recourse other than to sue the mortgage company involved in the
transaction. The best defense against a possible identity
theft/equity theft scam is to protect your identity carefully and
to avoid giving anyone your Social Security number if you can
possibly avoid it. Failing to do so could cost you your home.
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a Website devoted to
debt
consolidation information and HomeEquityHelp.net, a site
devoted to information on home equity loans.
MORE RESOURCES updated Thu. June / 08 / 2023
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