House Stealing
Hi Terry.
Several days ago, I received a promotion from
Home Title Lock attempting to sell me on their title protection policy. They want me to believe that it’s that simple to steal a homeowner’s legal title to their property without the property owner knowing about this transfer and once the property owner becomes aware of this, it’s too late to stop the theft. I tried speaking to my bank, the mortgage holder, Fifth Third Bank and they heard of it but have no remedies!! First, is it really that simple for a thief to steal my property without my knowledge and second, without the mortgage holder knowing anything about it and finally, without the bank attempting to stop it? They stand to lose on this deal also? What is the truth about home title theft and thd companies who sell Home Title Lock policies. Should I be concerned? I’m shocked that my bank has no information or advise ?
Terry Says
Suddenly, there are a lot of commercials touting this kind of “protection.” I’m not sure it is worth the money.
First of all, if you have a mortgage (or home equity loan or line of credit) outstanding, no one can take the title to your home. The bank would have to be notified first. And so you are not vulnerable.
One free solution if you don’t have a mortgage is to take out a home equity line of credit, which registers a first lien against your property. Then they won’t go after that.
