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April 7, 2009
To show how easy it is to steal a building, a reporter prepared a deed transferring the Lincoln Tower into Johnny Appleseed's name. The new scheme in mortgage fraud has thieves stealing property and then refinancing to strip its equity or selling it to another.
Even though the signer on the deed had been dead since 1845, for all intents and purposes, the deed could have been recorded, according to the Allen County Chief Deputy Recorder. This is one of the loopholes that has officials concerned.
Most often, the thief has already made off with proceeds before anyone is the wiser about the true owner of the property. Indiana officials would like to see some safeguards put into place, such as proof of identity or a thumbprint, as other states require.
Read story at The Journal Gazette
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