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Home » Podcasts » Fraud Buster – June 5th

Fraud Buster – June 5th

A Man Tried To Obtain A Line of Credit On A Home He Was Renting


A man was arrested by the FBI when he completed loan documents to secure a $500,000 home equity line of credit on a home that he was renting. The Valley Village, California home was owned by a family trust. A Trust Transfer Deed was recorded with the Los Angeles County Recorder’s Office, which transferred title of the home to this man. He used Bank of America‘s website to apply for a home equity line of credit on the property he was renting. FBI agents posed as loan officers apprehended the man when he stated that he owned the property and wanted funding of a $500,000 line of credit on the rental property.


How To Protect Yourself


I contacted the Los Angeles County Recorder’s office and this is what they said. When a person comes in to record a transfer of title, all that is required are recordable documents. The County Recorder’s office does not verify ownership of the property, and they do not send out notification to the original owner that title was transferred from. To protect yourself and your property, be certain that no personal mail is sent to your rental property including but not limited to: mortgages, property tax information, insurance bills, home owner associations, etc. After purchasing the rental property call everyone to verify that they have your correct business mailing address and not the property address. The only thing the tenant should ever see is their copy of the rental agreement.



See other Fraud Busting tips from Teri Gier!



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Fraud Buster – June 5th

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