Have NO Mortgage? Your House Can Be STOLEN
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- čas přidán 7. 09. 2024
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Financial advisors rave about paying off debt, but sometimes being debt-free is being vulnerable. As more real estate transactions are being completed by email or overnight mail, without sellers meeting buyers in person, it’s become easier for criminals to target vacant lots owned by absentee or non-local owners.
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Thank you for providing this helpful pointer.,
As a Realtor I regularly get "strange" emails from pretend title companies. Subject line typically states closing documents attached and an unknown address. I never open the email or attachments for fear they are "phishing" or attachments might have a virus. Crazy!
It can be impossible to tell and they only need to get lucky once.
Worked for mortgage lenders for 15 years and seen thousands of purchase transactions. Seen many straw buyers, but never heard of anyone attempting to create a wire transfer windfall by assuming a property owner's identity and selling their property. Wow, thanks for the heads up.
I bought title insurance through my title company for one-time $500 fee. It's a policy to cover legal fees associated with defending your title. You just file a claim with them and they hire an attorney to prove fraud.
Title insurance covers this.
Wouldn’t the fault be with the title company? Wouldn’t they be liable?
he didnt say if the buyer bought title insurance! and yes if he did have it this would not have happened!
Be sure u have all properties in a Trust! It’s the best !
THE FACT WE HAVE TO HAVE A TRUST IS THE PROBLEM
I don't see how the owner (seller) would ever be at risk, as bottom line they did not OK the sale, they hold the deed, 'nuff said. The buyer on the other hand I can see being at risk of ripoff.
Much more common to lose a home from foreclosure instead of fraud. Imagine how strong America would be if nobody had a mortgage, and everyone owned their land. Debt makes us vulnerable and weak.
I think, that this type of video is very important, it’s a reminder that we need to stay vigilant at all times and also a very good heads up to people that buy from abroad.
Its amazing there are so many people sitting around thinking of ways to rip other people off
in st petersburg fl, houses in low areas flood out every X years. out goes all the drywall and stuff up to 3 feet. in come brand new remodeled kitchens. up go the house prices.
sometimes the google cars photo the streets of junk at the curbs, cause people are remodeling for 6 months.
I try to tell people don't be enamored by a remodel vs a 20 year old kitchen. the older one has just never flooded.
another key is if there were old food trucks schedules still online. the food trucks were in neighborhoods because few had working kitchens.
Very worried I’ll buy a flood house and end up with mold later.
This is great advice, thanks for sharing.
@@Pinkfrosting962 generally they remediate the mild issue without worry. but that's OK...new walls are only a decade away or less
Hello you. My please talk about taxes when selling your first house.
The realtor did not do a proper due diligence to verify the identity of the fraudulent seller.
Driver licence can easily be falsified.
In Canada the seller has to prove his identity with his passport (the original), and give a reference to a bank. A fraudulent passport and fraudulent bank account carry very serous penalties.
having a paid off hosue is the best wtf . imagine keeping every paycheck you can scale quick
Great advice for those of us with a paid off mortgage! Thank you 🙏
What you said about hurricane impacted areas is true. After hurricane Andrew in 1992 the people that did leave only moved an hour north to west broward.
why would the title company be liable with or without insurance. the perpetrator falsified the sellers identity. wouldn't a search come back ok?
the lein idea made me think of "the club". the thing we put on out steering wheels in the 80s. to deter thieves.
if you are going to falsify the identity why not falsify the lein being paid. it's just paperwork.
My closing had a clause where a penalty of $50 a day for delay after the original date of closing. I recieved a refund of $1300. Because of shady crap from the Sellers side. 2010 when foreclosures were high. Watch your money!
ALWAYS BUY TITLE INSURANCE with your title company if and when you own outright. It cost me a one-time $500 fee, and they pay the legal fees to prove you hold title. If someone shows up at your door claiming they own it, you just flash the policy-it's essentially a threat. If new "owners" have a fake deed and call the cops on you, give them your policy paperwork and your oldest and newest tax statement. Police will HAVE to call the company. If you get paperwork in the mail, you contact your title company and make a claim against the person or entity, and an attorney will take care of it for you. So no-Title Lock and such do NOT protect you against anything. Your title company CAN.
That is so interesting how you could put a lien on your own property. What type of lien could you put I ve seen contractor and mechanic liens on properties but how do you put a lien on your own property?
My Hoa put in a new rule that Don Johnson junior is banned from filming the neighborhood while walking around in his boxers and tank top, if he shaves we may reconsider.
🤣
Oh man, you’re too funny. I take the Don Johnson resemblance as a compliment.
im gonna go watch me some Miami Vice now. that was a fun show
they must not have had title insurance ! it is the fault of the buyer because if he had title insurance they would have told him who the real owner is!
The owner of the Home should have a title or deed to the home or land if paid off to show they own it and the buyer could ask to see it and the prospective buyer can also check with the county clerks office to see if the deed or title is legit or not.
HOA scam sounds like FTX Exchange and Alameda Research.
It sure does!
Even if you have a mortgage they can price you out with taxes/insurance where you have to sell
I want nothing to do with HOA
None of the properties I own
Has HOA
I hate it and most people don't like it
When I go check out property
If it has an HOA
I don't even bother to go see
Especially the one with high fee like $400 to $700 per month
I know right? I automatically ignore any listing with an HOA.
Never again. Small building and it includes a nut job.
Short Sales are starting to happen in Atlanta. House was purchased earlier this year. Its a head scratcher the bank was willing to consider a short sale😳
Without a CT a physical piece of cardboard of your title, someone can wire it from under you as its all convenient these days but very dangerous. Surely it cant be that easy and something has to be done as you are the owner with all the paperwork and bills going back and something has to be done soon to gtee your house cant be sold from under you.
Miami Dade County is mailing you a courtesy letter after you sell a property to notify you of the change in ownership. If you didn’t better take care of it.
If the thief assumed the owner's identity, with documentation, would that letter to the clerk of court stating that the owner needed to be contacted work...this person for all intents and purposed, with the forged documentation, WAS the owner?
I have herd of getting a heloc on your house, you do not actually have to take a loan out but should be enough to trip up the process.
Seems fishy....and it's florida.
Go figure. Scammer State
A while ago, I was in a talk with an FBI agent. It was a different topic (online scams) but wire transfers can be pulled back within 72 hours. That is why usually bigger scams or cleaning out bank accounts are done before the special US holidays. The agent mentioned if a person/company goes to the FBI, it a 95% chance to get the money back if you are in the 72 hour range.
This will not work for Zelle and similar apps.
This is why I deleted Zelle from my bank account. What about Venmo though? I'm going to Google it.
@@alipainting Same problem, it is an instant payment. Checks are also a problem because it takes up to 10 business days for a bank to finally deposit the money.
You might see money earlier, but that does not mean you will get it in the end. If the check will bounce, the bank will take the money away. That is why scammers love checks. It takes banks way to long to check if it will work or not.
That is good to know!!
@@stefanforest7582 My banker told me a good first step is to match the check 's routing number against the American Bankers Association master list to make sure bank name printed on the check matches the name the ABA has and second call the bank to verify that the check is good AT THAT MOMENT.
Sometimes it’s possible to pull back a wire but almost always, the moment a wire is sent it’s gone forever if there’s a scam.
My home is under a Trust and the Trustee name is under her maiden name so finding the Trustee is difficult. I check each month online with the county to see that there are no changes to title.
If it closed the title company would be on the hook. Deed wouldn’t transfer because it’s fraudulent. Would have to go through legal system. Also mortgage wouldn’t matter because title co would just get a payoff
All good points and questions. The story did not say.
Simple remedy. Chop off their hands. That will deter anybody. Certain things in China I do agree. Punished severely a few to prevent majority of cheating others.
Prior to 1974 in Spain wen it was a dictatorship, they cut off hands for theft & penises for rape. I totally agree with you 100%!
That is extreme, but there does need to be extreme consequences for extreme theft
Would a home equity line of credit work, for instance to fix the roof, do repairs etc. for someone who does not have a mortgage be a good idea to prevent fraudulent buying/selling? This would produce the lien on the property, that would prevent title transfer etc. The problem is that a thief can find out if a house is owned free and clear when the TAX account bill, listed online, says UNKNOWN under the mortgage company entry!!!!
Yes
How could a real estate agent writer up a contract without positive proof of identity?
They gave them identity, but it was all fake
What about putting property under a llc? And even rent the place to yourself just to make more hoops?
Sure you could do that. Of course you’re spending extra money on the LLC every year by doing that but better than getting the property stolen.
I tell people to register to court
Why would the seller be screwed, when the buyer was a party to a fraudulent sale?
Be careful if brought another house /building of squatters
When I was visiting the UK last month I heard a show on BBC Radio 4 that was discussing this very thing. A lot of people being scammed in exactly the same way. And getting resolution on it when it's happened to you is very very difficult. Title lock is the only check you can do there too. Renting your home appears to be the way it happens with fake renters using their access to the property and mailbox to sell it out from underneath you.
Yep it’s pitiful that this is the world we live in. And it’s a nightmare to go through the process to get back. What was already yours
what are other real estate scams that are happening to buyers...Thanks
For every dollar U own, there R 10 people trying 2 take it from u
Is it an economic theory ?😊
@@mustafamemisoglu9201 Fact!
No kidding
My broker pounds into her agents all the time about being wary when it comes to any funds being transferred by wire.
I closed at a title company and I got my house thru a will and trust. Paid cash for it, don’t like being a mortgage slave.
Multiple families living in one home. Sometimes they need 2 families to buy.. pretty much normal for Los Angeles
Or just put the property in an LLC or trust...
Always close at a title company and buy title insurance as a buyer. If you get a loan, the lender will require you to do this. If you buy cash, you're not required to get it, but I would recommend it.
Good advice Michael
You are so interesting. Thanks!
Yea.. encourage me to “keep a loan on the property” to keep me in debt?! Ok buddy👍🏼
rich peoplle dont out right buy the house they keep rhe mortgage so they can use rest of money to invest in another property or stock market. interest rate on the loan is such a low amoubt its better to have the extra cash on hand. think pf it as this, pay a small amount in interest to control a large sum of money.
@@gliver2549 correct but everyone has their reasons.. me, I do not want extra mortgage.. I do not want debt.😉
@@gliver2549 Exactly.... I do the same thing. It's a great idea and let's you have access to cash at the Home Loan rate.
@@janellemcleod All you need to do is keep the loan $1 in debt.
I’m not telling you to do it. That’s the advice. The story gives.
There is no recession with the wealthy! I was in Destin, FL over the weekend they were like what Recession!?!🤔
I think that will always be the case
I want to buy a piece land
Hoa I'm involved in, the insurance has some coverage for officer/director fraud
Was that transaction you were describing all-cash or with a mortgage? Odd that they didn't have to do a title search. Edit: I am guessing cash since maybe they don't give out mortgages for just land but I don't know how that works.
The deal was land only, no structure...
This story is a good reason to perhaps create an S corporation or LLC and put the property in the name of that corporation. Then loan the corporation some money using the house as collateral.
Wow! What a scary situation for the home owners who almost lost their house, after having paid it off! Glad that crisis was averted! I hope the scammers were caught! Thanks for sharing the info about making sure that the owners have to be contacted first! Another great video, Michael! :-)
Scammers are rarely if ever caught....or convicted...it is a low risk and high payoff for the criminal....
It’s insane the amount of scams that are happening out there. and unfortunately, the criminals got away with it in this case. The cops are not pursuing them since The buyer got their money back.
That’s exactly right
@@MichaelBordenaro Wow! That makes me think that they are just not pursuing it, because there is a shortage of cops. They should still pursue them!
@@3777177 Very sad...
Set up a line of credit.....problem solved
Thank you for your video, Michael!
I work for a disaster recovery firm. I can tell you that in areas that are hard-hit by a natural disaster, the Federal Government steps in, with millions of dollars, to provide qualified home owners with funds to help rebuild their homes and communities. For those who want to stay in these communities and rebuild (and use the funds appropriately), it can be a beautiful thing.
But a lot of these people are still "up to their eyeballs in debt". Everything may eventually look fine on the outside, but they still worry about the big debt burden they had to take on to put their lives in order.
I appreciate you sharing that here Johanna. and that just confirms that the amount of wealth we have here in this country will allow areas to be rebuilt time after time after these disasters.
@@jdariusz7760 My friend, you are exactly right. This is why it concerns me when natural disasters affect them, they are not prepared, and they are already living beyond their means. Some misuse the funds (which is taxpayer monies) and go AWOL. This should concern every taxpayer.
@@MichaelBordenaro ❤ That you replied. I am an optimist that works for a company whose mission statement is to rebuild a safe, secure, and resilient world. This is my work life. I’m proud to work for a company that works hard for those in need.
It feels awkward to say: but I am now looking for reasonable places to rent, preferably by owner. I’m humbled to say that I’m hoping to network and find something here!
First, isn't there insurance for wire fraud, and second, Isn't the Title Company/Title insurance company liable? Thirdly, that's the last time I'd use that title company.
Honestly, I don’t know who is liable in a situation like this. You can contact the FBI but that’s about the wire fraud
@@MichaelBordenaro Can you contact the FBI directly? I was always told, right or wrong, you had to go through your local police department first and obtain a case number.
When fraud is involved everything is void. Which means you still own the property is just has to go thru the justice system. Then you have to hope the judge is not crooked on the investors pay role. The crooked fraudster is connected. It is obvious they have people working in the system. Friend or family member who works in the court house, law enforcement and banks. Their are a lot of people involved. But a judge can not rule on fraud. Showing proof in front of a good judge would effectively expose the crime and those involved. They are probably all family.
That’s why you don’t own anything in your own name when it is non exempt property. It is called Asset Protection strategies.
Stolen House? I WONDERED what was going on last month when I saw my neighbor's house on a flatbed! 🤨
😄
someone did this with one of my properties....scammed someone out of a cash deposit...buyer showed up at my condo to collect the deed....had to tell him his own greed got the best of him.
Unbelievable
I guess we need to add page 14 to the contract.
**OWNER** not seller. Two different things in this case.
I heard that story I live around there I hope that wakes up other HOA’s for the boards to get scared enough not to steal from us in future
The problem is it’s so easy for these people to get away with it largely in part because most people don’t want anything to do with being on the board and don’t care they just pay
It's your not you're.
Michael: A lien against the property is not a big obstacle for a scammer because it's very easy to create a satisfaction of lien and have it recorded. A title search would then show the property free & clear, even though there is actually a lien. That's one of the things Matt Cox did when he was running his scams in Tampa and other areas.
Very good point Kevin
Don't worry, lived in the small state of MD all my life, been practically everywhere in the country. Except, I've never been in Southern MD. Heard it's nice there. You can never get bored traveling, even to places nearby never explored
....and is the con artist in jail. NO.
Nope…
Title lock is a joke !
good info michael, keep them coming.
Will do Charles. Thanks.
Thanks.
Michael, wasn't the fact that there was a wire transfer involved in the first place a huge red flag? Are wire transfers typical in a closing? I assume the fake seller wasn't even present and this was a remote closing? Those 2 facts alone should have alerted the buyer and everyone else involved.
Yes, wen i buy they require a wire transfer at closing. (Calif)
No, it’s actually quite normal. In fact, most of the title companies I deal with year in Miami won’t even take certified checks anymore because they can be too easily faked. Wire transfer only. And yes, of course a remote closing. The seller never showed their face.
@@MichaelBordenaro Thank you for the clarification.
Thanks Michael 👍😉
Of course!
Just put a lien on your property 👍🤠
Not my idea
Great video as always, wish we could block fake accounts on this app or maybe someone knows how?
I wish there was a way
Love the real estate details you share. More, more, more.
More coming!
These scams are coming at people from all angles. Thanks for the stories, but man, it’s a shame this happens.
They sure are!
Thanks for the information! That's why we need government-issued digital vector currency. By vector currency, I mean currency which tracks transactions and works with a database. I would think that title insurance should cover this if all else fails. I'm thinking that title insurance would cover the property owner long after they acquire the property?
This is also an example of the dangers of excessive insistence on privacy and "keeping government out of my business" . Government can be your friend.
This all makes me wonder why we're so insistent on protecting criminals?
The government doesn’t need to be involved. We already have Blockchain technology for that.
How do I play ketchup 🤔
i think the title agent got lucky....or maybe just did there job....its what they got insurance for
SCAMMERS EVERYWHERE!
Especially in the 305.
They are!!
Realestate lawyer ?? Aren't they responsible for transactions
Yes, but if the seller sends in the required documents, that all appear to be legitimate and match the info on file, then these things happen
Great video man! I wonder if personal accountability is going to keep declining in this country. I say that because you brought up a good point about how it’s not always the best to own your property free and clear, it’s got me thinking. I was going to pay cash for a property but I fear that our country is just going to turn more and more socialist and I believe total mortgage forgiveness could be next. I understand that forgiving 16 trillion in debt would destroy the economy but I believe our beloved politicians are more than capable of total economic destruction just to appease the no accountability masses that our culture has become.
Ps. I love your videos and I love seeing your sarcastic mannerisms, please incorporate them more. They seriously make me laugh out loud 😂
Thank you Jeff. I don’t know if we’ll see a world where all mortgage debt gets forgiven. That sounds unlikely. But I’ll be sure to keep the videos coming and making my little wisecracks as I see fit.😄
I noticed the same type of mentality during Covid, when it first started. The stock market began to go down, all of a sudden people said 'close the Market, save our 401ks.' As if it's the governments obligation to bail people out for taking risk. Stocks are inherently risky that's stated when people sign up.
Second thing is nothing gets 'forgiven' per se. The can is just kicked down the road 5, 10 years and the problem will come back 10 fold- future taxpayers, kids in high school now will end up paying with inflation, higher taxes, and reduced services. 70% of people can't afford a home now..
@@junserafin5241 exactly!!! Spot on. Yeah they will forgive it in the sense of turning the printers back on and just hyperinflate the debt away.. 🕊
For crying out loud, isn't that why the sales contract is 13 pages now? I heard it use to be 2 pages. Every sentence, added by attorneys, is because some lowlife tried to screw somebody.
I believe it!
Hopefully that fake person goes to prison for lufe!!!
Sadly, the police or not even going to pursue then since the buyer ended up getting their money back. Pathetic.
@@MichaelBordenaro it seems to be a Florida thing. Until these bums are prosecuted and put in the slammer for a long time, they'll continue to skirt the law and find new ways to scam. Disgusted with where this world is headed
And the fraudulent seller went to JAIL, right???????????????????????????
Only in a fantasy world
What happened to the fraudster? Jail?
Nope the cops aren’t even going to pursue them since the buyer got their money back
@@MichaelBordenaro what!! How is that justice? Try again later
Michael: I think you should be a guest on Fresh and Fit youtube podcast. Just an idea from the Broke Bald Bastard! 😉
Have them send me an invite
Homestead your home.
And this is why Blockchain technology will be mass adopted.
I think so too. That would help out the real estate industry tremendously.
I'm 48 years old single mother living in Hamburg. I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud than I am right now. I'm so glad made great decisions about my finances that changed me forever.😊
Not too bright buyer.. obviously the buyer didn't watch Leonardo decarpio in (catch me if u can) lol 😆
👍❤️
The HOA folks who defrauded all the condo owners and counter suing, probably graduated from Trump university.
🙌 𝖕𝖗𝖔𝖒𝖔𝖘𝖒