Owning a home is a major investment, and unfortunately, property fraud is a real risk that homeowners need to guard against. Fraudulent transfers involve someone illegally transferring ownership of your property without your knowledge or consent. This can enable scammers to take out mortgages against your home, sell it, or commit other fraud.
There are companies that offer property monitoring services for a fee to alert you to any suspicious activity on your property’s records. However, many county governments provide similar alert systems that homeowners can sign up for directly at no cost.
For example, in New York State, Nassau County, Suffolk County and New York City provide free notification systems to alert homeowners about any recorded land record documents affecting their properties.
- Nassau County Property Fraud Alert Sign Up
- Suffolk County Homeowners WatchList “HOWL”
- New York City Notice of Recorded Document
These alert systems help keep homeowners informed about any activity on their property records and it the sign-up process is simple and quick.
While availability varies by location, many other county and municipal recorders’ offices provide similar automatic alert services related to property records. Check with your local county or town to see if they have a fraud alert system you can sign up for. It’s an easy, free way to stay informed and safeguard your home against fraudulent transfers.
Of course, signing up for alerts is just one precautionary step which shouldn’t preclude taking other protective measures to ensure that your property and title are secure.
Further, in addition to protecting your home from fraudulent activity, it’s important to protect your home equity from other threats that may especially affect elderly homeowners:
Long-Term Care Costs – Having to pay for extended nursing home care or in-home assistance can rapidly deplete a senior’s savings and home equity if proper planning, such as Medicaid planning, isn’t done.
Taxes – Elderly homeowners can face heavy tax burdens when selling or passing down their home due to capital gains, estate taxes, and other costs if done incorrectly.
Predatory Tactics – Unscrupulous lenders, relatives, caretakers or scam artists may use deceptive tactics to unlawfully gain control over a senior’s home title and assets.
While signing up for free county alerts is wise, a multi-layered approach combining proactive estate planning and asset protection steps is prudent to fully secure your home’s title and equity against the range of threats facing homeowners, and particularly elderly homeowners.
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