If you aren’t familiar with this scam, just imagine Identity Theft, but you loose your house. You see it all over Fox News, services to let you know someone has stole the title to your home. Why would that be the home owner’s problem? Any lost money should be a problem for the bank that opened a loan on a home that they didn’t properly verify. This scam allows banks to say “oops, you didn’t open that loan?” but then it is on the homeowner to figure it all out? No. This reeks of being an ‘inside scam’ where banks are scott-free but you loose your house.
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I agree with everything you stated. I will add that there should be more protections put in place by Federal/State/Local government agencies to protect home owners more.
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Agreed.