Quote:
Originally Posted by ithos
Seen many advertisements lately about a company that will protect you from losing your home due to title fraud.
Removing you from your home's title takes just minutes. Then they forge their name on the title document and refile it. Next, they take out loans using your home's equity and stick you with the payments.
They charge $15 a month.
For those in the know, is the risk worth paying for their service? Or are their alternatives?
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It seems there are two issues here. One is the possibility that someone could forge documents to make it appear you have sold your home to them. I'm not sure the best way to deal with that. However, the second is that they then take out a mortgage in your name and you are stuck with the payments.
The second of these can be easily dealt with. Simply put a lock on your credit report with the three credit reporting agencies, Equifax, Experian and Transunion. Then no one will be able to take out a mortgage on the property. It is very easy to put a lock on your credit report on-line with each of these companies and you can temporarily remove the lock if you need to apply for credit. You must do this sperately for each of the companies. There is no charge to do this. Make sure to put a lock on the credit report of any co-owner of the property (for example, you and your spouse).