How Scammers Are Seizing Million-Dollar Properties — Is Your Real Estate Safe?

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Its usually pretty easy to get information about a property and its owner from public records.

This means theyve essentially transferred ownership to themselves.

Now the phony deed is on file, and now its a part of the official record.

But this isnt easy or straightforward.

The courts move slowly, and the burden of proof falls on the rightful owner.

It can be tough to sort out the mess it could be a battle lasting months or even years.

And during this time, the owner cant sell or refinance their own property.

The court is still figuring this out, and in the meantime the real owners are stuck.

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Luxury properties are a popular target for scammers.

Thats because the wealthy usually own their properties outright.

Its harder for scammers to pull off a fake deed when theres still a mortgage on the property.

The scary thing about title fraud is that it can happen without you even noticing.

But most homeowners dont do this.

There are also title-monitoring services which exist to keep an eye on your records for you.