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Jacqueline Alicia Salcines

BEWARE - FRAUDULENT DEEDS CONVEYING BANK OWNED REO ARE CIRCULATING IN FLORIDA

Fotolia_17219981_XS.jpgMy underwriter, Old Republic National Title Insurance, Inc, through Attorneys Title Fund, LLC recently notified its agents that they were seeing a large number of claims in Florida emerging from forged deeds on foreclosed or bank owned properties. The deeds were almost always into trust and the transaction that was insured in the one from the trust to the new, innocent buyer.

How it works:

  1. The property is foreclosed on and the bank acquires it.
  2. A special warranty deed is recorded that looks to be from an officer in the lender/bank's office
  3. The notary is almost always out of South Carolina
  4. The Grantee of the deed is a Trust. Not a trustee of the trust.
  5. Minimal docs stamps are then paid on the transfer

While there is nothing wrong with this transaction and many legitimate deals occur like this, the red flag or scam is that the grantee is a trust not the trustee of the trust. Moreover, only nominal stamps are paid for the transfer to the trust.

Lenders who are victimized by this type of fraud need to then file quiet title actions to re-establish and perfect title to the property.

Title agents and real estate attorneys are urged to check, and double check their closing documents and chain of title. If fraud is suspected, then you may need to contact your underwriter for the proper course of action.

If you suspect an REO deed in the chain of title is fraudulent, you will also need to check with the actual lender (not the one signing the deed) to confirm the validity of the deed.

This is a major problem for unsuspecting buyers and investors and lends itself to the importance of hiring a knowledgeable real estate attorney to be in your corner to protect you from this type of fraud.

At the Law Offices of Jacqueline A. Salcines, PA, the attorney Jacqueline A. Salcines, Esq.,as an agent for Old Republic National Title Insurance, is keenly aware of this fraud and knows how to search for it and discover it. It makes sense to hire a knowledgeable real estate attorney to stand in your corner and protect you.

The consultation is always free of charge. Call us today to discuss your future investments

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