Overview
Property fraud detection is a process for property scam prevention. Property scams happen in many ways, but the most common one for scammers is forging your identity before transferring your ownership to themselves through phoney deeds. Moreover, criminals forge your signature and prove that you are interested in selling your property to them. They also forge your property papers to update the government about the change in ownership. Once the ownership record is updated in the document of municipality, they can take loans by mortgaging your property. Apart from these activities, they sell your home or plot to another person and get money against it. Later, they disappear from the public domain.
How to Prevent Property Fraud?
• Be attentive to all your bills, such as mortgage bills, electricity bills, water bills, etc. If you see that the bill amount is not in the condition as you expected, it may indicate property fraud.• Ask for your credit report, as it gives details on whether someone has misused your name to execute any financial transaction.
• Make strong passwords for all your accounts and ensure that they are too hard to be hacked.
• Be careful while dealing with suspicious mails. Do not respond to mails that involves payment.
• Avail a home loan to buy a new house. This is an easy way to ensure that there is no mortgage or collateral against your property. Banks or financial institutions will approve your home loan if they are satisfied with the condition of your home.
• Be diligent before you buy a property, such as reviewing the title document and hiring a professional, who will check your legal heirship certificate.
• Last but not least, keep verifying the ownership of your property from time to time.
What Should You Do When You Have Become a Victim of Property Fraud?
The steps for detecting property fraud include the following:• Send a proof of your property being mortgaged or forged to a county recorder
• Contact the banking executive to freeze your account as fraudsters may use it to benefit themselves
• Seek help from an experienced attorney in fraudulent property sale and property litigation.
• Contact your insurance company to check whether they cover post-closing forgery expenses
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