TRENTON, N.J. (KYW Newsradio) — Deed fraud is increasing in New Jersey, according to a new report from the State Commission of Investigation (SCI).
The 56-page report was sent to Governor Mikie Sherrill and top lawmakers in Trenton, and urges legislators to close loopholes that allow fraudsters to sell homes out from under the rightful owners.
Incidents have been on the rise in New Jersey and across the U.S. since the 2020 pandemic ushered in a new era of remote real estate closings, according to the report.
Bad actors steal the identity of homeowners and sell their homes before they even find out and it’s too late to do anything about it. The report highlighted the national case of someone almost stealing the deed to Elvis’ Graceland, but it’s not just Graceland. The report said homes at the Jersey Shore, seasonal homes, and vacant land are especially vulnerable.
The SCI also said few states are taking action to prevent deed fraud, and New Jersey could be at the forefront by adopting expedited “quiet title” hearings for suspected fraud, and enhanced identity verification procedures through the title transfer process.
The report also urges the state to pass more safeguards for homeowners.
The report also urges the state to pass more safeguards for homeowners.
