Recognizing that seniors are prime targets of house stealing fraudsters, the AARP recently issued a Scam Alert in their widely read AARP Bulletin.
"Armed with property records, crooks can then purchase $10 property transfer forms at any office supply store. The signatures of “sellers” are forged, and paperwork is filed with the city or county recorder’s office. In many states, deed recorders and those who oversee property closings are not required to authenticate the identities of buyers or sellers. Some crooks simply create fake IDs, stealing the real homeowner’s identity.
With a newly issued deed, stolen homes are sometimes sold, as in Bidwell’s case, for a fraction of their worth to cash-paying buyers (who are also scammed). But more often, hijacked homes are used as collateral to get new loans.
Lenders are more likely to issue new loans to homeowners with no existing mortgage. “The elderly are most often targeted because they usually don’t have a mortgage,” says Molly Butters of the Indiana Attorney General’s Office."
AARP recommends that members check their property records from time to time, follow-up on any suspicious loan documents or payment books from lenders you don't recognize, and to contact their local district attorney or state attorney general.
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