SAN DIEGO, April 1, 2021 /PRNewswire/ — Home Title Lock, the nation’s leading home title fraud detection service, has announced a partnership with former Speaker of the United States House of Representatives, Newt Gingrich. As a spokesperson for the organization, Mr. Gingrich will help educate and inform U.S. homeowners on the growing threats of home title theft.
According to the Federal Trade Commission (FTC) Consumer Sentinel Network, identity theft complaints tied to real estate loans increased 6,134% from 2015-2020. Home Title Lock works on behalf of homeowners to help protect a home’s title before it is stolen and offers up to a quarter million dollars toward legal fees and reimbursement expenses to its subscribers in the event of a compromise. The industry leader, Home Title Lock protects home owners by monitoring title documents using its proprietary monitoring system of 5.5 billion title assets.
“America’s homeowners have a false sense of security today believing that their title insurance or identity theft companies protect them from title theft or title fraud,” said Gingrich. “As I have continued to learn more about this crime and the threat it poses to hard working Americans, I am convinced that this is the identity theft you really have to be worried about. Home Title Lock is the best solution that can prevent this nightmare from becoming a reality.”
In cases of ‘home stealing,’ or title theft, there are both criminal and civil cases. Today only the criminal cases are recorded by the Federal Bureau of Investigation (FBI) making it an underreported threat. Even so, within the FBI’s annual Internet Crime Report, title theft is lumped into the category of Real Estate/Rental crime which includes mortgage fraud and other property crimes. In 2019, Real Estate/Rental fraud ranked #5 on the list of crime types with the greatest losses incurred by victims, leapfrogging credit card fraud.
During a pandemic, and an unbalanced economy, white collar criminals are exploring new paths to financial fraud. Con artists select a property, assume the identity of the homeowner and file fraudulent documents to transfer ownership of the home. They proceed to take additional loans on the property and leave without a trace, leaving the homeowner to answer questions when the lender comes to call.
“Today approximately 34% of American homeowners have 100% equity in their property — making them an attractive target for home title theft,” said Harish Chopra, CEO of Home Title Lock. “It is a proud moment in our organization’s five-year history to have Mr. Gingrich committed to further educating America’s homeowners about title theft vulnerabilities surrounding the ownership and the equity they have in their homes.”
In his role with the organization, Mr. Gingrich will participate in select advertisements.
About Home Title Lock
The nation’s first and leading home title theft detection service, Home Title Lock offers a comprehensive approach to protecting customers’ homes by monitoring more than 5.5 billion title document assets. Through its proprietary technology, Home Title Lock alerts homeowners in real time as any title documents are disturbed. This advance notification service works to prevent criminal activity before homeowners are impacted. Home Title Lock is based in San Diego, CA and is privately held.
SOURCE Home Title Lock