You have to be wary of who you give your information to, with cyber attackers around every virtual corner with their next scam. You have to be wary of criminals on the streets, strategizing who, what, and where they plan to strike next. Now, you also have to be prepared for the virtual scammers preparing paperwork to take your actual home. As shown last month, a beloved treasure of American history was nearly stolen by self-proclaimed scammers who used a fraudulent real estate scheme.
Late May saw an attempt to take Graceland, Elvis Presley’s iconic Memphis home-turned-tourist-attraction, from its current owner, actress Riley Keough, Presley’s granddaughter. The property was almost auctioned off after a company called Naussany Investments and Private Lending fraudulently stated that it had a claim to the house. The Graceland scammer presented documents that claimed to show Lisa Marie Presley, the recently deceased daughter of Elvis and Priscilla Presley, had borrowed $3.8 million from Naussany Investments, using Graceland as collateral.
Legal Battle and Fraudulent Claims
Keough sued to protect the estate from going to auction and alleged fraud, claiming that Naussany Investments had no right to the property. While a Tennessee judge ultimately stopped the sale, with court records stating that Naussany Investments’ documents contained a forged signature from a Florida notary, the event highlights how easily scammers can get a hold of your physical property—even if they are still relatively rare.
According to David Fleck, a real estate fraud attorney in Los Angeles, “The way we transfer ownership of property in this country is by signing a deed of some sort in front of a notary who verifies our identity. Then, that document is recorded by the recorder’s officer or the clerk’s office. Their job is to keep the official copy of the document forever.” Yet, evolving technology has opened doors for would-be thieves to attempt various schemes to take your home.
“It’s pretty easy to get a high-quality fake ID online,” Fleck said. “It’s also very easy to get a fake notary stamp online, and literally every computer has the technology to create believable forged documents.”
How to Protect Your Home from Fraud
Home title fraud occurs when scammers impersonate homeowners, attempting to refinance or sell a victim’s property and pocket the money. According to last year’s annual Internet Crime Report from the FBI, 9,521 real estate scams, including title theft, were reported. While the numbers have stayed stable, reflecting relatively rare instances, this type of fraud can be devastating and costly for victims to resolve.
Thankfully, there are measures you can take to protect your home from fraud. Many U.S. counties offer free deed-monitoring services that can alert you if something unlawful happens. And some states, like Georgia, provide an opt-in text alert program that notifies you if there are any changes to your home title.
Other protective measures include an American Land Title Association (ALTA) homeowner’s policy of title insurance, which some homeowners may already have. This insurance covers home title forgery and impersonation post-purchase.
Tips for Homeowners to Prevent Title Fraud
- Regularly Check Property Records: Regularly checking your property records at the county recorder’s office can help you spot any unauthorized changes to your property’s title.
- Sign Up for Alerts: Enroll in any available deed or title monitoring services that provide alerts for any changes or new filings related to your property.
- Secure Your Personal Information: Be cautious about sharing personal information and ensure your documents are stored securely to prevent identity theft.
- Verify Notaries: Always verify the credentials of notaries handling your documents. Check their commission status and ensure they are legitimate.
- Title Insurance: Ensure your home is covered with a comprehensive title insurance policy that protects against fraud and forgery.
- Report Suspicious Activity: If you notice any suspicious activity or unauthorized changes to your title, report it immediately to the local authorities and seek legal advice.
Essentially, scammers trying to commit home title fraud are stealing your identity. If identity theft goes unchecked, scammers could try to take more than your home. So, it is important for homeowners to stay alert to anything that seems a little off and take proactive steps to protect themselves. By staying vigilant and taking advantage of available protective measures, you can help safeguard your home from becoming the next target of fraudulent schemes.
