Expert: Dick Dennis - 5/2/2006

Question
Hi Dick,
Awhile ago I asked you a question about adding someone to a deed and then obtaining a mortgage. Here's how it shook out.

It was in Florida. The woman added her daughter to the deed, they got another mortgage without my signature. I did retain council after I researched for many months. Yes, she could add someone but that changed the deed to tenants in common from joint tentants with right of survivorship with me being the half owner and they would each own a quarter. I had to threaten a forced partition or have them pay me off. I also found out she was renting the home and not even living there. If I hadn't checked public records constantly, I never would have known about this.

So I was paid, the lawyer took 20% and all is done.

I'm quite proud of my knowledge with Florida real estate and also surprised with what people can get away with concerning mortgage companies. I don't think they even do a title search!

One other thing. There is a title company in my small town that is being sued by Stuart Title out of Texas. I know one of the owners. There seems to be 1.4 million missing. She has been spending money like a drunken sailor for 4 years. I looked her up on public records and she and her husband have made more than 50 real estate transactions in 4 years, to each other, to their son, to a ficticous rental agency and to others. How could she steal from that? Is it escrow she stole from? The whole thing is under state investigation but I am curious because there are two owners and each is blaming the other.

I'd appreciate your input.

Thanks, Dick. And you did help me months ago with your opinion concerning my problem.

Moya

Answer
Glad you took care of your problem to your satisfaction. The thing is, every generation thinks they can get away with what they think is unique. It's been done over and over. But then, who said thieves have brains?

As for Stewart Title's problem in Texas, those two thieves will get theirs, too. The FBI has been cracking down on mortgage fraud all over the U.S. Georgia and Colorado lead the nation in frauds. Seems like Colorado and Texas are always up there in fraud.

The next step is now we are going to see a whole flood of foreclosures all over the U.S. It make take a year or two, but people will lose jobs because of that, too.

I wish you well, Moya

Dick Dennis