NYC Launches Notification Program Targeting Deed Thefts By Scammers Recording Bogus Land Docs To Hijack Unwitting Property Owners' Title, Home Equity

In New York City, the New York Daily News reports:

• You can help catch a thief. The city has launched a new program to immediately notify property owners when scammers try to steal their holdings with a phony deed or a bogus mortgage or lien.(1)

• The Finance Department will send the alarm by e-mail, text message or letter to any owner who has filled out a simple online form at nyc.gov/finance. "It's free and it's a major step in our attack [on] this pervasive fraud," Finance Commissioner David Frankel said. "If you're notified of an unauthorized transaction, immediately call 311 and the matter will be referred to the appropriate law enforcement agency."

• The new program comes 18 months after a Daily News reporter "stole" the Empire State Building, transferring the deed from the rightful owners to his own bogus corporation to illustrate how easy it is to commit deed and mortgage fraud.(2) The new deed was accepted and recorded by the city Register's Office - no questions asked - even though the notary and witness listed were fake.

Source: City launches program to help combat mortgage fraud.

For more on the deed theft minimization program from the New York City Department of Finance, see:

• Recorded Document Notification Online Application,
• Program Description,
• Notice of Recorded Document FAQs,
• Notice by Mail of Recorded Document Application.

(1) According to their website, the New York City Department of Finance Land Records Division will contact property owners who join the program whenever the following land documents are recorded against their real estate:

• Deed and Deed-related Documents: Air Rights, Condemnation Proceedings, Condo Declaration, Confirmatory Deed, Contract of Sale, Correction Deed, Court Order, Deed, In-Rem Deed, Judgment, Life Estate Deed, Memorandum of Contract, Power of Attorney, Real Estate Investment Trust Deed, Revocation of Power of Attorney, Sundry Agreement, Unit Assignment.
• Mortgage and Mortgage-related documents: Collateral Mortgage, Correction Mortgage, Mortgage, Mortgage and Consolidation, Mortgage Spreader Agreement, Satisfaction of Mortgage, Subordination of Mortgage, Sundry Mortgage, Initial UCC1 (Financial Statement).

(2) See:

• It took 90 minutes for Daily News to 'steal' the Empire State Building,
• Daily News probe revealing scandalous property loopholes has prosecutors urging change.