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Jamie Letcher
VP, Wealth Management
Summit Financial Advisors
Located at Summit Credit Union
401 S. Yellowstone Drive
Madison, WI 53719
Phone: 608-271-1012
Email: james.letcher@lpl.com
September/October 2024
The "New" Identity Theft
As if stealing your personal information to access your bank accounts or open credit in your name isn’t enough to worry about, there’s another form of identity theft taking hold. Deed theft is a type of identity theft that targets your residence, second home or other property.
How It Happens
Thieves target a potential property — often a vacation home, second home or vacant property. Criminals forge the owner’s signature on the deed and sell the home to themselves or a third party. They then use personal information found on the Internet to assume your identity or to represent you when they record the deed with the county.They’re Not Moving In
Once thieves have the deed to your property, they can:- Sell your home and keep the profit
- Refinance the mortgage to cash out equity
- Open a home equity line of credit
- Illegally rent out unoccupied property
Protect Yourself
You can take steps to protect yourself and your property from deed theft.- Monitor your credit reports for loans you didn’t take out or for other suspicious activity.
- Check for liens against your property from contractors, subcontractors or attorneys.
- Visit vacant homes periodically to make sure no one is living in them.
- Have your mail forwarded, kept at the post office or picked up by someone when you’re away from home.
- Pay close attention to mortgage, tax, water and other home-related bills.
- Check your county recorder’s office or local registry online for land records and property deeds. You may be able to set up notifications at the registry to alert you to changes.
If Something Is Amiss
Notify the register of deeds as well as law enforcement if you find evidence of deed theft or other criminal activity. Obtain a certified copy of the fraudulent document and consult an attorney.594801
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Summit Credit Union and Summit Financial Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Summit Financial Advsiors, and may also be employees of Summit Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Summit Credit Union or Summit Financial Advisors. Securities and insurance offered through LPL or its affiliates are:
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