Categorized by the FBI as the fastest-growing white collar crime in America, unfortunately mortgage fraud makes more than headlines. What do people get when you combine two popular rackets these days - identity theft with mortgage fraud? A totally new kind of crime: house stealing. Who would’ve thought house stealing would be the cottage industry of the recession? Thanks to the launch of Title Lock, property ownership can be watched like a hawk never again to be “carried off” by predatory scammers.
Until now, property ownership could be a tenuous thing. A property scam could be in full swing, draining off precious equity, and the homeowner would never be the wiser. Often unaware until they go to sell or refinance their home; find a lien or have a clouded title or worse that they no longer own the property. Suddenly the property is held up in lengthy delays that threaten to derail the transaction entirely.
Matthew Sorensen, VP of Sales and Marketing at Title Lock said of the necessity of the title monitor and alert service, “County recorders are overwhelmed with thousands of document filings daily. The sad truth is, very few of them have systems in place to verify the accuracy of those filings. As a result, homeowners aren’t notified when title fraud happens. At Title Lock, we vigilantly watch over your property’s title because we have the infrastructure in place to do it.”
Working in partnership with the largest title company nationwide, alerts are sent in real time when documents of any type are filed at the county recorder against a property’s address. Sent via notification systems within Title Lock’s platform and interactive app, protection results in secured equity. Due to the timely notifications, completely avoidable delays in property sales and refinancing progress are minimized.
Title Lock was founded by Harish Chopra, who also founded and built Data Tree Corporation. Data Tree now part of First American Title has a national recorded document database of over 5.5 billion images.