LA County and Jeff Prang (LA County Assessor) is offering a free service called “Property Owner e-Notification Alert” – a service where property owners will receive email alerts whenever a foreclosure, title transfer, or mortgage is recorded on your property by the Los Angeles County Registrar-Recorder/County Clerk. This service provides property owners with an effective way to detect any possible real estate fraud, including fraudulent recording of a deed. Additional features, such as submittable forms, will be added to this service.
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ABOUT TITLE FRAUD
Title fraud and foreclosure are serious issues that can have devastating consequences for homeowners. Here are some highlights on their prevalence and ease:
- Prevalence of title fraud: According to the FBI, title fraud is one of the fastest-growing white-collar crimes in the United States. It is estimated that title fraud accounts for around 4% of all real estate transactions, and the total losses from title fraud are in the billions of dollars each year.
- Ease of title fraud: Title fraud is relatively easy to commit, as it often involves forged documents or fraudulent signatures. Fraudsters can steal someone’s identity and then use that information to obtain a loan or transfer ownership of a property. They can also create fake deeds or mortgage documents to make it appear as though they own the property.
- Prevalence of foreclosure fraud: Foreclosure fraud occurs when a homeowner is illegally or unfairly forced out of their home. According to the National Consumer Law Center, foreclosure fraud has become increasingly common in recent years, with many cases involving illegal foreclosure rescue schemes or fraudulent loan modifications.
- Ease of foreclosure fraud: Foreclosure fraud can be relatively easy to commit, as many homeowners facing foreclosure are vulnerable and may be willing to trust anyone who offers to help them save their homes. Scammers can promise to negotiate with the lender on the homeowner’s behalf or offer to buy the home for a fraction of its value, then sell it for a profit.
Overall, both title fraud and foreclosure fraud are serious issues requiring homeowners’ vigilance and caution. It is important to be aware of the risks and to take steps to protect yourself from these types of scams.