This scam has been going on for years and it has been quite successful. Apparently, it either hasn’t been successful enough, or the companies have decided that waiting a year just takes too long. Instead, a new mortgage scam has developed - out and out theft.

This scam is much easier to do and doesn’t take nearly as long. The crook simply forges a “quitclaim deed”, has it notarized, and files it with the local county or jurisdiction. A quitclaim deed is just what the name suggests; it is a document signed by a property owner stating that he or she no longer has any interest in the property. The document designates someone who will take over ownership. The crook simply forges the owner’s name, signs his own name as the new owner and files it with the county. All it takes to make this work is a careless notary public or one that is a participant in the scheme.

Once this is done and filed with the county, the crook is free to do as he pleases with the property. He can sell it or refinance it. Once the funds are made available, he can take them and disappear. This is often done without the proper owner of the property even realizing that it has taken place. While still a relatively rare occurrence in most of the country, this type of fraud seems to be happening more and more frequently in the Southeast, and especially Florida.

County clerks rarely follow up on such documents to determine whether or not the signatures are genuine, and it is up to the owner to prove that the documents are fraudulent. This is often difficult if the owner is unaware that the fraud has taken place.

Solving such crimes is tough on law enforcement, too, as they often have little more to go by than a name.