ATLANTA – We’ve all seen the television ads talking about home title lock insurance. They make is sound like title theft is likely to happen to you tomorrow, and the only way to protect yourself is to send them money. But real estate expert John Adams is taking a closer look at what actually the service actually provides.
Adams says Title Lock is a clever combination of terms that sound important, but that present no threat to the vast, majority of American homeowners.
Promoters want you to believe that Title Lock is similar to title insurance, but Adams says the two are nothing alike.
Title insurance is a one-time purchase that protects you or your heirs against any claim against the validity of your ownership prior to the date you bought your house. And that’s something he always strongly recommends that every buyer purchase this coverage. But this title lock is totally different.
Title Lock claims to protect you against title fraud, which by definition is not a legitimate claim.
Under title fraud, a scammer forges your name on a deed, then files it in the records room of your county courthouse, then takes out a loan, using the home as collateral.
It can happen, but it’s a very rare scam right now.
In that case, you still own your home. The new scam owner obtained their claim to ownership by a fraudulent deed. They would have to prove that your signature on that deed is valid and that you signed it. And the fact is that you…
