Property and recording fraud is one of the fastest-growing white collar crimes, and is a growing threat to REALTOR® clients.
In response, Cook County Recorder of Deeds Karen A. Yarbrough has launched a free Property Fraud Alert program. It scans a registrant’s property title history each day, and if a document is recorded against your property (or a loved one’s), the program will call or email you. If the change was initiated by the registrant, the alert can be disregarded, but in the case of a fraudulent change, the registrant can quickly take action through CCRD’s Fraud Unit to stop the scam and coordinate a law enforcement response.
Scams like this are made possible because County Recorders are not authorized by law to validate legal claims made in recorded documents. Once recorded, fraudulent documents mean you no longer own your home, even if you have paid it off. A fraudulent claim or abusive lien can delay or derail a real estate transaction, and if left unchecked, can allow a fraudster to drain the equity in a property.
Public Act 99-0075 allows banks, title companies and REALTORS® to officially partner with County Recorders who offer a Property Fraud Alert system. Homeowners need not wait until a transaction to sign up.
Learn more by clicking here or by visiting the CCRD’s website.
