Once you get the keys to the castle, you might decide to install a security system for physical safety. It’s almost like a rite of passage when you’re making what could be the biggest purchase in your lifetime. If you notice your deed is missing or suspect it was stolen, consider reaching out to your lender to discuss the best next steps to help protect your assets.We may never experience more paperwork than when buying a home. They may try to borrow against your home equity or even attempt to rent or sell the property for personal profit. It happens when someone successfully steals your deed and transfers your property under their name. Home title theft is a subset of identity fraud. You may also want to consider getting title insurance before you become a homeowner, which helps clear up and protect future claims against your property’s title. While home title theft is certainly a scary concept, it isn’t known to be common, so the money spent on a title lock subscription might be put to better use elsewhere, like investing in your home. Is a home title lock necessary?Ī home title lock (or title lock insurance) isn’t required for homeowners. Title locks don’t generally troubleshoot the issue or provide any sort of coverage for it. Though title lock insurance companies offer notifications about your title, they typically only notify you after the deed (no pun intended) has been done. While title lock insurance does use the word “insurance,” it’s important to understand that it doesn’t necessarily operate as a typical homeowners insurance policy would. If there’s any suspicious activity or your title has been transferred under another name, the service is meant to notify you. One potential way to do so might be to get title lock insurance, a service that monitors your deed on your behalf. How to monitor and protect your home titleīy now, you may be understandably interested in finding ways to more actively protect yourself from home title theft. By filing a police report, you’re beginning paper trails that may help protect you if the situation advances. File a police report: Home title theft and identity theft are crimes. By notifying the credit bureaus and requesting a fraud alert be placed on your credit file, you’ll be able to prevent and dispute suspicious activity with more ease. Fraudulent accounts that go unpaid may negatively impact your credit score. Put credit bureaus on notice: If you believe you’re a victim of home title theft, you’re likely also a victim of identity theft.They may have a process for dealing with suspected title theft to help you protect your asset and prevent the fraudster from opening other accounts in your name.
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