Don’t Expect The Courts To Protect You
A recent article highlighted how one real estate empire was built by making fraudulent promises to homeowners, who unwittingly signed over—and ultimately lost—their homes.
The homeowners weren’t stupid or unsophisticated. But more than 40 homeowners claim they were tricked into signing their away homes. In the past eight years alone, over 3,300 owners have complained about deed theft, according to the New York City Department of Finance. Those owners say the courts have been very slow to act; some have been waiting for years.
Homeowners who are in danger of losing their homes, or desperate to refinance, can discover too late that they signed their deed away in the process of getting a loan. Court battles to get their homes back, even if the fraud is clear and obvious, can take years and exact a huge emotional and financial toll.
The safety net is simple: title insurance from a reputable company that will be there if problems surface years in the future. Because title insurance rates are set by each jurisdiction, rates won’t vary. But the level of protection and peace of mind will, which is why it’s critical to choose a title insurance company with a strong reputation and track record. (Be sure to choose an established title insurance company that will be there for years to come since many end up shutting down.)
If you have any questions about title insurance or any potential title issues, or if you would like to discuss an upcoming or potential transaction, please contact us.