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Business - Scam Alert

Sunday, Oct. 18, 2009

Scam Alert: Fraud watch on home ownership

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• THE SCAM: Recorded ownership of property illegally changed

• HOW IT WORKS: Con artists target a property, then assume the identity of the owner by creating fake identification documents. They use real estate forms sold by office supply stores, then forge signatures and file new property deeds with government authorities. That fraud transfers the property's ownership, then the home can be sold or refinanced without the real owner knowing.

• WHAT'S AT STAKE: Though the real homeowner ultimately will be protected, this type of fraud can damage the owners' credit and create significant legal issues.

• HOW TO BEAT IT: First American CoreLogic offers a free service, ePropertyWatch, that e-mails a property's real owner whenever a public record — such as a new property deed — is filed involving their property. They also will be notified about real estate trends in their neighborhood. Register for the free service at www.ePropertyWatch.com.

For a look at past scams, go to www.modbee.com/business/scam.