Another day, another scam: Fraudsters are pretending to be mortgage providers, saying your home warranty needs to be renewed. Look for the telltale sign at the bottom of mailed notices in tiny little letters: “We are not affiliated with your current mortgage.”
This woman's home was stolen right from under her - Don't let it happen to you
Your home is likely the largest purchase you’ll ever make. Homeownership is a lifelong commitment between mortgage payments, taxes, insurance, maintenance, renovations, repair, and decorating.
Think about how much email correspondence you get just for your home. Bills and other important documents can get lost in the clutter of your inbox. You can prevent this by creating an email address just for your home. Tap or click here to learn more.
You’ve heard of car theft, but did you know that your home can also be a target? Home title theft is when someone, using fake identification, refiles your title document to sign your property over to them. Then they can sell it and pocket the money. A woman in Arizona recently fell victim to this terrible crime.
Here’s the backstory
A resident of Arizona was searching for her deceased father’s home on the country assessor’s website and immediately realized something was wrong, Arizona’s Family reported.
Debi Gotlieb’s father’s home was still in probate, which typically means the assets were under review by a probate court to determine their distribution to beneficiaries. This can be a long process, and her father’s home should have come up as still under his ownership.
Instead, Debi found the home listed on the market and owned by Zillow. She went to the home and found that all her father’s possessions were gone. She called the real estate agent who sold the house and then contacted the police. The police told her to stay out of the house as it wasn’t her property.
Debi had to hire a lawyer to get the house back before it was sold again.
The scheme
Debi’s family had fallen victim to a crime known as “Deed Fraud.” It can happen to anyone, but one study shows that 90% of deed fraud is committed by the victim’s family or friends, according to a real estate attorney who spoke to Arizona’s Family.
Deed fraud is a type of identity theft. When they claim ownership of the home, the crook uses fake documents and identification. If they need a notary signature (as some states require), they can use a false one or rope in a legitimate notary to help them with the scam.
With the help of her lawyer, Debi was able to get the home back. They sent a demand letter to Zillow and the company withdrew the sale and returned the deed. Though she got her house back, all her father’s possessions were still gone. This included mementos such as family photos.
Use this free online calculator to see how much house you can afford
If you are in a temporary situation, renting can be optimal when you need a place to live. But anyone dealing with landlords and the less positive aspects of renting might wonder when is the right time to buy a home.
35% down payment
Is the new norm when buying a house. Zillow says 20% won’t cut it for most folks to afford the current average monthly mortgage payments (paywall link), given high housing prices and high interest rates. For the average U.S. home, that’s about $128,000 down. Ouch.
5 private details about you and your home anyone can find online
Thinking of buying or selling a home? There’s a wealth of information online showing you every detail of a house. Doing your research will help you get a better deal no matter which side of the bargaining table you’re on.
Breaking up or getting divorced? How to remove your ex from your digital life
You get married or move in together, and your lives are tied in countless ways: a mortgage, the power bill, and your relationship status on social media sites.
Then it ends, and you’re left with a lot of heartache and a lot of work. It’s bad enough thinking about everything strangers know about you. Tap or click for the steps to do a thorough background check on yourself, so you know what others can dig up.
Just like us … sort of: Believe it or not, billionaires like Elon Musk and Mark Zuckerberg still take out mortgage loans. Why? It provides liquidity. By not tying up their wealth in homes, they can use that cash for bigger investments. Example: Pay 5% interest on a $2 million mortgage and invest the $2 million in something earning 10%. This isn’t financial advice, but it makes sense to me.
How to shop for a house, in 3 steps with 6 online tools
Buying a house is never easy. There is so much that goes into the process it can feel almost impossible to do alone. That’s where technology can be your best friend and help you get through it relatively simply. Here are 6 tools that will get you in that new beautiful home, and it will be easy as 1, 2, 3.