TZUTC: -0500   
   MSGID: 300.canada@1:2320/105 2836d9e3   
   REPLY: 1:153/757.21@fidonet 04b01976   
   PID: Synchronet 3.19c-Linux master/cb76b1463 Feb 20 2022 GCC 7.5.0   
   TID: SBBSecho 3.14-Linux master/cb76b1463 Feb 20 2022 GCC 7.5.0   
   BBSID: CAPCITY2   
   CHRS: ASCII 1   
   AA>cbc is reporting that there is quite a racket going on about   
     >people stealing property titles (under false identities) and   
     >arranging morgages on those titles!  ..or even arranging the   
     >SALE of those homes!   
      
   AA>the only way that can happen is if realestate agents, lawyers   
     >and banks are complicit or slack in some way.  why wouldn't a   
     >bank or a lawyer verify the ownership - in person if necessary?   
     >my guess.. a lawyer is lazy and assumes that the papers or the   
     >person in front of them are true, signs off the title, and   
     >someone in the bank (wrt arranging the mortgage) is lazy or an   
     >insider.   
      
   The problem, which should never have been allowed to exist, is that they have   
   replaced Title Searches with Title Insurance. It saves everyone time and money   
   but leaves a home sale open to things like this. Eventually everyone should   
   get their money back but it's a real mess. To clarify, quite often the thieves   
   get away with down payments or mortgage funds but an Insurance company pays   
   for the problem.   
      
   I'm not right up to date on this but I do know that at one time, someone who   
   bought a house being sold by someone who didn't own it, was allowed to keep the   
   house since the title was transferred legally, which was equally ridiculous,   
   but I *think* things have improved a bit since then.   
   ---   
    * SLMR Rob  * Drop your carrier... We have you surrounded   
    * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)   
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