What happens when you combine identity theft and mortgage fraud? You get a brand new type of crime most people have never even heard of: house stealing.

Here’s how it works:

The con artist will start by picking out a house to steal. Could be your vacation home, some rental property, or even the home you live in.

Then they steal your identity. They can easily go online and get a hold of your name and personal information. Using this information, they can create fake ID’s, social security cards, etc.

Once your identity is stolen, they go to an office supply store and purchase special forms that transfer property. They then fill out the proper paperwork, forge your signature, and file the deeds with the proper authorities. You house now belongs to them.

Con artists especially profit on vacation houses, as they put them on the market and sell them for pure profit. In most cases, by the time anyone notices something is wrong, it is too late and weeks or even months have pasted, giving the con artist a clean getaway.

Last year in Los Angeles, a real estate business owner plead guilty to leading a scam involving over 100 homeowners and $12 million. She promised to help struggling homeowners pay their mortgages by refinancing their loans. Instead, she and her partners in crime used stolen identities or “straw buyers” (people who are paid for the illegal use of their personal information) to purchase these homes. They then pocketed the money they borrowed but never made any mortgage payments. In the process, the true owners lost the title to their homes and the banks were out the money they had loaned to fake buyers.

How can you prevent this?

It isn’t easy to prevent. The best you can do is follow these suggestions:

• If you receive a payment book or information from a mortgage company that’s not yours, whether your name is on the envelope or not, don’t just throw it away. Open it, figure out what it says, and follow up with the company that sent it.
• From time to time, it’s also a good idea to check all information pertaining to your house through your county’s deeds office. If you see any paperwork you don’t recognize or any signature that is not yours, look into it.

If you feel you have been a victim of house stealing, contact the FBI immediately.

Source: www.fbi.gov

Tags: con, con artist, crime, house, house stealing, identity, information, mortgage, personal information