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Campfire Ranger
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OP
Campfire Ranger
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I heard a commercial about that. Being retired that's the last thing I need. Has anyone even heard of someone hacking the title on their home and borrowing a bunch of money against it.
What do they actually do? Do any of you have that title insurance? I guess it's about $15 a month.
Do you even think about it happening?
NRA LIFE MEMBER GOD BLESS OUR TROOPS ESPECIALLY THE SNIPERS! "Suppose you were an idiot And suppose you were a member of Congress... But I repeat myself." -Mark Twain
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Campfire Tracker
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Campfire Tracker
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Interesting topic I would also like to hear opinions on this. Waist of money?
Coyotes shot no waiting.
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Campfire Regular
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Campfire Regular
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Scam
Any lending institution who loans based on a fraudulent application is on the hook.
TV has become nothing more than the Petri dish where this country grows its idiots.
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Joined: Feb 2010
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Campfire Tracker
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Campfire Tracker
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Coyotes shot no waiting.
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Campfire Regular
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Campfire Regular
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It is a scam. Save your money. I'm not a mortgage broker, but I am a Realtor. The commercials are very misleading.
"...why, land is the only thing in the world worth working for, worth fighting for, worth dying for,... because it is the only thing that lasts."
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Joined: Feb 2004
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Campfire Ranger
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OP
Campfire Ranger
Joined: Feb 2004
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Scam
Any lending institution who loans based on a fraudulent application is on the hook. I'm not sure that's the case. The money is gone long before anyone finds out the title and application are fraudulent. Seems to me it's similar to someone stealing your identification.
NRA LIFE MEMBER GOD BLESS OUR TROOPS ESPECIALLY THE SNIPERS! "Suppose you were an idiot And suppose you were a member of Congress... But I repeat myself." -Mark Twain
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2001
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It stikes me as an answer looking for a problem. Like algores carbon credits scam.
I may be wrong....
Last edited by las; 06/29/20.
The only true cost of having a dog is its death.
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Campfire Regular
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Campfire Regular
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About all those title protection sellers do is notify you when it happens. There are some counties that will notify you if any suspicious activity goes on. Just have to be vigilant and check your deed online every so often.
They don’t want the property, they want to take a second mortgage and grab the cash. A permanent freeze your credit might help, since no lender would approve a new line of credit without contacting you. It’s not a bad idea anyway, you can unfreeze it temporarily if you need to.
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Campfire Oracle
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Campfire Oracle
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Would or does this involve lowyers?
Ecc 10:2 The heart of the wise inclines to the right, but that of a fool to the left.
A Nation which leaves God behind is soon left behind.
"The Lord never asked anyone to be a tax collector, lowyer, or Redskins fan".
I Dindo Nuffin
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Campfire Ranger
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Campfire Ranger
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In our part of the world Title Insurance is a guarantee that no one or party from the past can come forward at a later time and claim your property.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Campfire Kahuna
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Campfire Kahuna
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I heard a commercial about that. Being retired that's the last thing I need. Has anyone even heard of someone hacking the title on their home and borrowing a bunch of money against it.
What do they actually do? Do any of you have that title insurance? I guess it's about $15 a month.
Do you even think about it happening? It happens.. We have it here, but it's a free service from the county..
Ex- USN (SS) '66-'69 Pro-Constitution. LET'S GO BRANDON!!!
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Campfire Ranger
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Campfire Ranger
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I have it. Mineral rights to my property are owned going back to the turn of the last century. Should some entity want to come dig under my house or buildings I'm covered with replacement cost.
FJB & FJT
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Campfire 'Bwana
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Campfire 'Bwana
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Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Most likely anyone who purchased their home with borrowed money (mortgage) in the last 20 years has title insurance. It has been industry standard to issue owner's and lender's title insurance at closing for some time. Almost all lenders require it now, and a closing company or attorney issues it at the time you buy or refinance. However, the title insurance protects only against title issues that existed at the time the policy was issued. It covers things like encroachments, boundary disputes, easements, old liens or mortgages that were never satisfied, a gap in title somewhere back, unpaid medicaid liens from an old owner, etc. It does not cover anything that happens after the policy is issued. It is a heavily regulated industry and a relatively cheap way to know you are getting what you pay for when you buy property. Any claim that title insurance protects against future claims or identity theft is a scam.
------------------------ John
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Campfire Regular
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I feel like we're talking about two different things in this thread.
Title insurance is standard in all states, except Iowa if I remember correctly and insures you as the owner, and your lender if any, in the event that the person who sold real estate to you didn't have clean title to the property himself. Those things can and do happen but infrequently, and this isn't a scam. That title insurance is on the hook to defend your title to the property, clean it up if necessary or pay you or your lender in the event a superior claim to your dirt arises.
The radio ads for "title lock" or whatever purport to "protect" you against people who fraudulently file documents to make it look as if they own your property, and then the fraudsters supposedly borrow against that, leaving you to foot the bill. I am unaware of that happening at all, let alone a wave of it, and I think that buying "title lock" is a scam.
"Miss Jean Louise, stand up. Your father's passin.'"
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Campfire Tracker
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Campfire Tracker
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It's usually snuck in during closing.I noticed it on mine and start asking about it. Like a one time fee of 900 bucks with the closing attorney. The house we just bought had a title issue in the past, so I reluctantly went with it. Other than that, my buddy who is owns hundreds of properties and manages many others, says only do it if purchasing foreclosures.
Last edited by killerv; 06/30/20.
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Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2005
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I feel like we're talking about two different things in this thread.
Title insurance is standard in all states, except Iowa if I remember correctly and insures you as the owner, and your lender if any, in the event that the person who sold real estate to you didn't have clean title to the property himself. Those things can and do happen but infrequently, and this isn't a scam. That title insurance is on the hook to defend your title to the property, clean it up if necessary or pay you or your lender in the event a superior claim to your dirt arises.
The radio ads for "title lock" or whatever purport to "protect" you against people who fraudulently file documents to make it look as if they own your property, and then the fraudsters supposedly borrow against that, leaving you to foot the bill. I am unaware of that happening at all, let alone a wave of it, and I think that buying "title lock" is a scam. +1, First paragraph is the local Title Companies in nearly every town. Second is a scam.
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Campfire 'Bwana
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Campfire 'Bwana
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Yes, I have Title Insurance. It was part of my loan package. It was a one time fee.
You didn't use logic or reason to get into this opinion, I cannot use logic or reason to get you out of it.
You cannot over estimate the unimportance of nearly everything. John Maxwell
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Campfire Outfitter
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Campfire Outfitter
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In our part of the world Title Insurance is a guarantee that no one or party from the past can come forward at a later time and claim your property. Yeah but around here that's taken care of during the title search when you buy the property.
Don't blame me. I voted for Trump.
Democrats would burn this country to the ground, if they could rule over the ashes.
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Campfire Outfitter
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Campfire Outfitter
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I am unaware of that happening at all, let alone a wave of it, and I think that buying "title lock" is a scam. Agreed. It's a scam. I don't think they can steal your property unless you've signed such a document.
Don't blame me. I voted for Trump.
Democrats would burn this country to the ground, if they could rule over the ashes.
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