According to the FBI, home title theft is a crime on the rise that combines identity and mortgage theft. Criminals will first seek to steal your identity by obtaining access to your personal information and generating their identification cards under your name. Then, they move in to create forms to transfer the property to themselves under your stolen identity. The result? Homeowners are left with a horrifying nightmare: identity theft and mortgage theft. These criminal situations occur all over the United States, especially in major cities like Texas, California, and New York. As a homeowner, how can you protect yourself against home title theft? Colony Title can guide you through a few protective measures to potentially save your personal information and residential property.
Home Title Theft: Missing Bills or Receiving Unknown Mail
If you’ve started to notice that bills aren’t being received to your house, follow up with these companies for an immediate inquire. Do not assume that the invoice was paid just because you haven’t received a payment request. This could potentially mean that your deed status is at risk and a criminal is intercepting your mail. At the same time, you might’ve noticed that you’re receiving mail from mortgage companies that you haven’t heard of. While these letters can potentially be fraudulent, it’s still important to open these letters and read any information within them.
Stay Updated on Your Credit Report
You’ll want to stay updated on your credit report. Fortunately, numerous banks (including Bank of America and Chase) have introduced monthly FICO scores for account owners. Monthly, you can check your FICO score without a hard pull of your credit through your financial institution. By staying updated on your credit report, you can keep an eye out for any hard dips that may occur that indicate your identity and creditworthiness are compromised.
Invest in Title Insurance and Owners Title Insurance
By investing in title insurance and owner’s title insurance with Colony Title, you can protect yourself against any liens or claims that may arise surrounding your residential property. While title insurance protects the lender, an investment in owner’s title insurance can protect you against any issues that may occur after your home deed is transferred into your name. This one-time investment can potentially save you against title fraud, home mortgage theft, and any other mishaps that may arise. Contact Colony Title Associates today for more information!
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.