Most people have heard the nightmares about being victimized by an identity thief. But did you know such an experience could result in losing ownership of your home, or preventing the sale of your property?
An identity thief could steal your personal information and use it to take out a home-equity loan in your name, said Howard Gold with National Homestead. You might try to sell your house and know nothing until a few days before the closing when the buyers lender or the title company uncovers the outstanding loan on your home. Its too late to fix the problem and keep the sale on track. Besides clearing your name, you have to deal with the mess of a delayed closing and a frustrated buyer at the worst possible time. Your sale could fall through.
Title problems are found in about 36 percent of todays residential sales transactions, according to a survey by the American Land Title Association. Thats up from 25 percent in year 2000. The association doesnt track how many of these are caused by identity theft. The bottom line: Take all precautions possible to prevent theft of your personal information. |
