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COMMON REAL PROPERTY FRAUDS:
Home Equity/Identity Fraud - A forged deed is recorded to give the appearance that the perpetrator has acquired ownership of a property. The perpetrator uses the equity in the property as collateral to borrow money. No payments are made on the new loan(s), and the true owner could face foreclosure.
Home Renovation/Mortgage Fraud – Contractors offer to do home improvement work or lenders offer special “low-interest” financing, but do not deliver what was promised. Homeowners are left with partially complete or substandard construction, or a mortgage payment that is higher than expected.
Real Estate Investment/Foreclosure Fraud – Investors are lured into buying property that is supposedly facing foreclosure for pennies on the dollar. Quitclaim deeds and other documents are forged to give the appearance that a property is being sold to avoid foreclosure.
COMMON WARNING SIGNS:
Missing Property Value Notice Or Tax Bill – A missing property value notice or property tax bill can be the first signs of a Home Equity Fraud. The assessor mails property value notices in July, and the Tax Collector mails the bills in September. Call the Assessor if you do not receive a notice, or the Tax Collector if you do not receive a tax bill.
You Are Notified That A Property Document Has Been Recorded – The County Clerk-Recorded sends notification to property owners when a document is filed against their property. If you did not initiate the document filing, contact your local police department.
Loan Papers Or Payment Booklets – If you receive documents for a loan you did not applied for, notify the lender immediately.
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