MEMPHIS, Tenn. — The Graceland mansion foreclosure attempt by a mystery company has highlighted a another issue concerning to homeowners - someone trying to steal property and homes.
Early in 2024, the Shelby County Register of Deeds warned about some fraudsters trying to steal homes from owners using ‘quitclaim deeds.’
Willie Brooks spoke in March about the ongoing scam which has targeted many across the Mid-South. He said over the last five years, they've seen more than 400 cases.
What are Quitclaim Deeds?
Quitclaim deeds are meant to be an easy way to transfer homeownership to someone else, such as from a parent to a child, or during a marriage or divorce. But crooks can also use them to steal property from the rightful owner.
Fraud experts said seniors can be particularly vulnerable, with the scammers convincing someone to sign over their home, or even forging a signature of a homeowner, especially property which may be empty, even after a death. They can file the quitclaim deed with the county register, who in many cases, by law, are not allowed to deny the deeds.
Once the scammer has the quitclaim deed, they could rent the home out, put it up for sale, or use it as collateral for a loan. It’s not easy to fight, many times leading to a long and expensive court battle.
How to protect your investment
There are things a property owner can do to make themselves less vulnerable to quitclaim scams.
- First, check your property records on the county's register of deeds.
- Look for deeds you didn't sign or loans you didn't take out.
- Never transfer ownership of your property to a mortgage assistance company.
- Monitor your credit.
- Check your title insurance terms, which may provide some protection.
- If you have been targeted, contact law enforcement and an attorney.
The Shelby County Register of Deeds offers a fraud alert service, which can provide an extra layer of protection. They said right now there are roughly 19,000 enrolled, but there are 250,000 property owners.
Learn more and sign up at https://register.shelby.tn.us/fraud-alert.