If Your Personal ID Can Be Stolen Why Not Your Home?

June 22nd, 2008 Categories: Pre-Paid Legal Services

It was reported in the Sunday Los Angeles Times (June 22, 2008: author-Lew Sichelman) that homes and home equity are being stolen by identity thieves.

It appears that one goes hand in hand with the other. If a person can steal your identity why can’t they steal your home.

How is this being done?

By stealing your name, personal identifying information and credit history thieves can readily apply for a home line of equity on your home or re-finance your home. Of importance is that the information is being retrieved from businesses and not individuals (per the United States Secret Service).

As of November 1 the so called red flag rider to the Fair and Accurate Credit Transactions Act (of 2003), will require financial institutions, creditors and others who handle personal identifying documents to develop a program to prevent identity theft.

But how can a con artist steal a house? In house stealing the con artist picks a home (say a vacation home) and assumes the owner’s identity to create fake identification, social security cards and whatever else is needed to perpetuate his disguise.

Then the con artist gets the required forms to transfer the property, forges the owner’s signature and files the papers with the proper authorities. Often targeted are empty homes but lived-in homes are exposed to this scam.

The Motor Vehicles Department is a prime source of getting information. When individual files a name change or address change (as is required in all states) con artist have access to this information.

It is becoming mandatory for individuals to secure insurance (such as pre-paid-legal-services) for the nominal $ 11 to $ 12 per month to make certain that their identity is not being stolen. This fee is cheap if you stop someone from stealing your identity and home.

No one loves you more than yourself. Protect yourself with a little insurance and be happy that you did. The consequences are not very pleasant.