"EquityProtect's Scorecard reveals that nearly half of all dollar losses from real estate fraud are absorbed by seniors, who represent only 19% of victims. This disparity underscores the vulnerability of older homeowners in the face of increasing fraud incidents."
"The central finding of the Scorecard is that even the strongest state law cannot stop a fraudulent deed from being recorded. County recorders process nearly 300,000 documents daily, legally required to record documents presented in proper form, which creates a significant loophole."
"Ryan Marshall, CEO of EquityProtect, stated, 'We built the Property Protection Scorecard because homeowners deserve to know exactly how exposed they are not in general, but in their state and community.' This emphasizes the need for localized awareness of property fraud risks."
EquityProtect introduced the Property Protection Scorecard, a quarterly report assessing deed theft and property title fraud legislation in all 50 states and D.C. The Scorecard uses a five-tier framework to classify jurisdictions based on legislative action. The FBI reported 58,000 real estate fraud victims from 2019 to 2023, with losses totaling $1.3 billion. Seniors disproportionately bear losses, and reversing fraudulent titles incurs high legal fees. Despite some states enacting laws, the Scorecard emphasizes that legislation alone cannot prevent fraudulent deeds from being recorded, highlighting the need for ongoing awareness and protection.
Read at www.housingwire.com
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