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Dear
Nitesh,
Recently, there has been an uproar of
fraudulent activity in real estate and identity theft. As a home owner,
you are at risk of becoming a victim of real estate fraud without even
knowing about it. And if you do become a victim of real estate fraud,
the courts need to you to prove that a crime actually took place. That
can take a toll on both your mental and financial health. Here is some
information to help you protect yourself from the risk of falling into
the hands of a fraudster.
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What is title fraud?
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Title
fraud occurs when a fraudster does one of the following:
- Forged the property transfer
deed
- Registered the title in
his/her name
- Forged a discharge of the
home's existing mortgage
- Borrowed against the clear
title
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Do you need title insurance to protect yourself?
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Absolutely! The avg. real estate fraud case costs the victim $300,000.
Compare that to an avg. of $1,200 in case of credit card fraud. Also,
if you become a victim of title fraud, it is your responsibility to
prove that the crime actually took place.
For a one time premium, title insurance is an effective &
in-expensive way of protecting yourself. This covers all your legal
expenses related to restoring title and is available to existing homeowners
long after they have purchase their property.
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How can you minimize your risk of becoming a victim?
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1.
The following information should be safe-guarded at all times:
- Name
- Date of Birth
- Social Insurance Number
- Address
- Credit card number(s)
- Health card number
- Driver's license number
- Other personal
identification number(s)
2.
Carry minimal identification.
3.
Keep up-to-date with all financial and credit reports and make sure there
are no un-authorized transactions.
4.
Guard your mail.
5.
Shred receipts, credit offers in mail, insurance forms and any document
that may have your personal information.
6.
Pay attention to your billing cycles. Call the company if you do not
receive your bill.
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For more information regarding real estate fraud and what you can do to
protect yourself, call or email me. If you currently do not have title
insurance and would like get a quote, contact the list of companies
offering title insurance in the side bar or call me directly at
416-419-2566.
Nitesh Kumar, AMP
Mortgage Consultant
T 416.419.2566
F 905.671.9753
E info@niteshkumar.com
W www.NiteshKumar.com
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