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How To Protect Your Pennsylvania Home from Title Theft and Deed Fraud

There are a number of steps that Pennsylvania homeowners can take to protect themselves from title theft and deed fraud.

Prevention

Preventing title theft in Pennsylvania is important because it helps to protect the rights and property of the rightful owner. By the time a scam is discovered, it's often too late. If a criminal is able to steal a person's property through title theft, the rightful owner may lose their home, investment, and potentially face legal action. Title theft can also have a negative impact on the rightful owner's credit score and ability to obtain future loans.

Preventing title theft is also important for maintaining the integrity of the real estate market. Title theft can disrupt the local real estate market in Pennsylvania by introducing fake properties and fraudulent transactions, making it more difficult for legitimate buyers and sellers to conduct business.

Additionally, preventing title theft helps to protect Pennsylvania communities as a whole by ensuring that properties are occupied by their rightful owners and not by criminals who may engage in other illegal activities once they occupy the property.

There are several steps that can be taken to prevent title theft, including:

Safeguard Personal Information

Keep personal information private. Be wary of unsolicited requests for personal information such as full name, address, social security numbers and account numbers. Shred all documents containing personal and financial information before throwing them away.

Monitor Bills

Pennsylvania Homeowners should be vigilant about monitoring their bills and statements. Make sure you receive all expected bills. Missing utility or tax bills can be a sign of theft.

Notices from unfamiliar mortgage companies could alert you to a new mortgage or even foreclosure proceedings on a fraudulent loan.

Monitor Credit

Property owners in Pennsylvania should also monitor their bank statements and credit reports. Check for any suspicious activity. If you notice any unauthorized changes or charges, contact the credit bureau or financial institution immediately. Sudden changes in credit score or unauthorized credit inquiries can tip you off to possible identity theft and fraud.

Be Educated

Be educated in the types of title, cyber, wire and mortgage fraud schemes. Here is some further reading to get you started:

Most Common Real Estate Fraud Schemes from Rainier Title

Common Types of Real Estate Fraud from The Mellor Law Firm

Real Estate Fraud Schemes from Investors Title

Spotting Signs of Title Theft

  • Receiving Financial Documents from an Unfamiliar Lender
  • Warning that You're Late on a Loan You Never Requested
  • Notice of Unexpected Foreclosure Proceedings
  • Sudden Rise in Utility Bills for Vacant Property
  • Missing Utility or Tax Bills for an Investment Property

Protecting Yourself from Title Theft, Deed Fraud and Wire Scams During a Real Estate Transaction

One situation that can transform you from a low risk homeowner to a primary target of title theft and deed fraud as well as wire scams is during an active real estate transaction. Cyber Fraud Criminals will target people who actively trying to buy, sell or refinance their Pennsylvania home. The good news is that there plenty of things you can do to protect yourself during a real estate transaction.

Homeowners, Buyers and Sellers in Pennsylvania can protect themselves from title theft by working with a reputable title company or attorney and real estate agent when buying or selling a property. During a purchase or refinance, you always want to ensure that you are working with a reputable loan officer and lender. These professionals are trained to spot suspicious activity during a real estate transaction and can help to ensure that all legal documents are properly filed and that the title is transferred correctly. When interviewing professionals, be sure to ask what safeguards they have in place.

In addition to working with reputable and trained professionals, Pennsylvania buyers, sellers, and refinancers should take the following precautions:

  • Communicate

    Communicate your real estate agent, attorney and title agency directly whenever possible.
    ○ Do not rely on just one professional to accurately pass along information from the other professionals in the transaction.
    ○ If you are elderly or disabled but still of sound mind, do not rely on a non-attorney “caregiver” to handle the entire transaction. At best they may be disinterested, too busy, or to un-informed to protect you. At worst, they may have alterior motives.

  • Out of State Sellers

    Always be wary of “out of state” sellers. Extra due diligence is needed.

  • Pick up the phone

    Confirm wiring instructions verbally with your escrow officer and title company before initiating a wire. Do not use a phone number from an email signature line to initiate the call. Use only a verified phone number from the title company’s website or a business card, not the phone number in an email.

  • Be suspicious of a change in plans

    Be suspicious of emails informing you of a change in the wiring instructions. It is highly unusual for title companies to send you revised wiring instructions or ask for a partial wire in advance of settlement. They should never ask you to wire funds to an account that is not in their name.

  • Confirm the details

    Ask your bank to confirm not just the account number but also the name and location of the account before sending a wire. Under Federal Law your bank is only required to verify the account number and routing number, but it never hurts to ask.

  • Verify immediately

    When wiring funds for closing, call the title company and let them know the date the wire is being sent and the amount. You should also confirm that the funds were received.

  • Learn to spot fraudulent email

    Look closely at the sender’s email and look for telltale signs that it could be a scam. Check for the company’s usual email signature with contact info. If it is misspelled or missing altogether be very cautious. Even if the scammer has copied the company’s contact information, you would notice when you hit reply that the email address is suddenly different or often the sender email address is extremely similar to the legitimate email but with the addition of one letter or two “v”s to make a “w”. Or maybe an “l” has been changed to a “1”. Often but not always, fraudulent emails don’t sound professional and are not well written. If the email is filled with misspellings and poor grammar, there’s a good chance it’s fraudulent.

Beyond Prevention:
How to "Lock" Your Title Against Theft and Fraud

Let's start with the myth about "Locking Your Title" against theft and fraud. This is, quite literally, impossible. There is no such thing. The ads are misleading, at best.

Now that's we have that out of the way, let's talk about real solutions and protections. Prevention is incredibly important because trying to get a positive resolution after you've been a victim of title theft, deed fraud or a wire scam is difficult, expensive, time consuming, emotional and often impossible. Even the most vigilant people can become victims of title theft in Pennsylvania and across the country. While statistically speaking, title theft and deed fraud are relatively rare, they are becoming more common and the effects on the victims are always catastrophic. Having real protections in place to help you deal with the consequences of these types of cybercrimes is just as important as preventing them in the first place.

So let's look at some of the common myths and advertised solutions to get a real understanding of what will or will not protect you, your home, and your investment.

Homeowner's Insurance

Homeowner's insurance does not provide any sort of title, deed, fraud or title theft protection. Homeowner's insurance protects you from things like storm damage, fire, and lawsuits, but it does not protect your right to own and occupy the property.

Mortgage Insurance

Mortgage insurance, also known as MIP or PMI, lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA loans. Mortgage insurance, no matter what kind, protects the lender – not you – in the event that you fall behind on your payments.

Mortgage Protection Insurance

There is also a private product called Mortgage Protection Insurance. Mortgage protection insurance policies function as a type of life or disability insurance. They are generally designed to help pay the principle and interest on your mortgage in the event that you lose your job, become disabled, or even pass away.

Neither of these types of insurance provide any sort of homeownership, title or deed protection for you or for your lender.

Title Monitoring

Title Monitoring services are the ones that typically talk about "home title locks" or "locking the title to your home." These services are similar in concept to identity monitoring services. They will watch for suspicious activity and alert you - after a crime has been committed. That's it. They alert you once it's too late to stop it. They do not "lock your title." They do not provide prevention. They do not stop the crime in its tracks. They alert you after title theft, deed fraud and mortgage fraud have happened. Some of them might offer some legal services to help you attempt to regain your title after a theft, some don't. Be sure to read the fine print if you decide to purchase this sort of service.

Title monitoring is done by searching the records at your county courthouse looking for any newly recorded documents against your property. Many counties offer free online access to this information. You could search it yourself once a month for free and obtain the same service these companies want to charge you for.

In addition, many counties are now offering free fraud alert services for residents. Check here to see if your Pennsylvania County is offering this free title monitoring and deed fraud alert service.

Free PA Title Monitoring

Title Insurance

Title Insurance is an insurance policy that protects a property owner's right to own, use and occupy a piece of real estate. Most people purchase a title insurance policy as part of their purchase transaction. While standard owner's title insurance policies offer many important protections to homeowners, they do not provide any protection against title theft, deed fraud, or mortgage fraud.

However, there is another title insurance product called the ALTA Homeowner's Policy of Title Insurance. This enhanced title insurance policy for buyers of 1-4 Family residential homes provides over 20 additional coverages that are not found in the standard owner's title insurance policy. A key coverage provides for future forgery and future ownership Claims. It covers post policy situations such as forgery, impersonation, and adverse ownership. This coverage can protect the insured against loss if someone else claims to own the title. This is the ONLY true protection available to homeowners to protect their investment and provide for legal assistance in recovering the lawful ownership of title to their property.

Title theft is a serious crime that can have devastating consequences for the rightful owner of a property. Homeowners can take steps to protect themselves by keeping personal information private, monitoring their credit reports, ensuring the security of their property, working with reputable professionals when buying or selling a property, and educating themselves about title theft. By taking these steps, homeowners can help to ensure that they do not fall victim to this crime and can protect their property and their rights as homeowners.

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Protect Your Business from Seller Impersonation Fraud: A Guide for Title Insurance Agencies

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FAQs in Relation to Home Title Theft

FAQs in Relation to Home Title Theft

Whether you are a first-time homebuyer or a seasoned property owner, this information about home title theft will provide you with valuable insights into how to protect your assets and minimize the risk of title theft.

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Common Types of Real Estate Fraud Schemes

Common Types of Real Estate Fraud Schemes

Real estate fraud is a serious issue that can have devastating consequences for homeowners, home buyers, and title insurance agents. Homeowners should be aware of the different types of real estate fraud schemes so they can protect themselves from becoming victims.

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