By: Debra Smith, Associate General Counsel, Madison Title Agency
An increasingly common type of real estate fraud occurs when someone impersonates the true owner of real property and does one of two things- sells the home or obtains a mortgage on it.
Typically, the wrongdoer first identifies a low risk transaction. The wrongdoer may look for a home nearing foreclosure for unpaid taxes. This is very easy information to obtain because so much data is accessible on the Internet now. The wrongdoer will then visit the property and confirm it is vacant. The ideal target has no mortgages (or only a very small mortgage) encumbering it.
The wrongdoer will obtain fake identification in the true owner’s name. He may then sell the property to a bona fide purchaser. He collects the net sale proceeds and moves on to the next victim. In criminal proceedings against Maria Leyna Albertina in Brooklyn a decade ago, it was alleged that she had identified and purportedly “sold” 32 such properties.
There are many variations on this scheme. Continue reading
Tags: debt service payments, Extended Coverage Residential Policy, fake affidavits, fraud, mortgage, mortgage default, net sales proceeds, quit claim deed, real estate fraud, real property, satisfaction of mortgage
By: Eliezer Shaffren, Esq., Counsel, Madison Title Agency
Oil and gas leases can help to increase property value as well as the value of the surrounding area properties. The landowners receive an initial signing bonus, along with royalties from extracted gas. The lease also has the ability to generate revenue for the state, which benefits the local economy. The last post’s discussion on mineral rights outlined the various ways in which drilling companies can obtain access to mineral rights.
Landowners should be aware, however, that granting mineral rights can adversely affect title to the property.
Tags: encumbrances, fracking, hydraulic fracturing, lease mineral rights, leasing subsurface rights, lessee, lessor, lien holder, mineral rights, mortgage default, mortgage lien, oil and gas leases, royalties on extracted gas, shale deposits, signing bonus, subsurface rights