Home Stealing - Walking Away with an Immovable Object

According to the FBI, con artists have started a new form of game - stealing houses. Even the most immovable object most people own can be stolen right out from under their noses, even if the are still living in them. Last year, one loan "entrepreneur" in Los Angeles, Martha Rodriguez, 35, along with a co-conspirator was convicted of stealing over 100 homes in just under three years, to the tune of $12 million.

How does a scam artist steal a home? There are two variations on a theme, but both involve setting up a fake identity - in some cases by stealing the identity of the actual owner.

In the Rodriguez case, she was an actual real estate broker who was scouring the daily court record, looking for houses going into foreclosure. She and/or one of her co-conspirators would then approach the unlucky owners, promising to find them a buyer quickly, and getting all of the pertinent information on the current ownership, all with the owner's permission. Then she and her team would create a fake identity, obtain a loan to purchase the home in that identity at a fire sale price, then pocket the proceeds along with the deed.

The other method being employed is by stealing the actual owner's identity. These crooks size up a likely house, then do a little investigating of their own to find out who the owner is, along with as much information as they can on the existing mortgage. They then turn to the internet, and "become" that person or persons, and fabricate all of the right identification so, on paper, they are that person. They then sell the house to a hapless third party, give them a recordable deed, and walk away with the sale proceeds, with the owner, who sometimes is living in the house, none the wiser until the new owners show up to take up residency.

A slight variation on the second theme is also being perpetrated. Instead of selling the home, the con artists are just taking out a mortgage on the property and walking away with the check.

The FBI says that house stealing has not become widespread, but their financial crimes division is keeping track of activities to watch for outbreaks of complaints.

The FBI cautions that home owners should periodically check with the recorder's office to make sure no new deeds or mortgages have been recorded on their property. If you receive a new mortgage payment book out of the blue - don't discard it, take a look at the papers and get in touch with the financial institution right away, so you don't become one of the millions of Americans finding themselves in foreclosure.