Beware of Property or Mortgage Fraud Schemes

Tuesday, February 6th, 2024 -- 10:00 AM

(Karen Madden, Marshfield News Herald) Imagine you’re a property owner and you visit your land you haven’t been to in several months or a year only to find that a house has been built and someone else is living there.

Or you try to refinance the mortgage on your home or take out a home equity loan only to find out there is a lien placed on the property that you did not sign for. According to Karen Madden with the Marshfield News HErald, while only a small percentage of property owners fall victim to this type of fraud, the consequences for victims can be devastating.

That is why counties in central Wisconsin are taking steps to alert property owners when they may be victims more quickly. Marathon, Portage and Wood counties have not seen reports of this type of property fraud, but other counties in the area (including Adams, Waushara and Green Lake counties) have, said Cynthia Wisinski, Portage County register of deeds.

People often don't realize they've been the victim of property fraud until they try to do something with their mortgage or property, said Tiffany Ringer, Wood County register of deeds. When the rightful owner finds out a property has been sold to someone else or has a lien on it from a loan, the person responsible is gone and the homeowner is left to pick up the pieces, she said.

Mainly, someone falsifies a deed to have it transferred to themselves and then borrows money against the property, said Dean Stratz, Marathon County register of deeds. When someone brings in documents to file with the Register of Deeds office, the employees look to be sure all the necessary paperwork and signatures are there, Ringer said.

If it's there, the office is obligated to file it, she said. The employees have to trust that notary publics are verifying information before notarizing documents and title companies are doing their jobs.

There is no easy solution for how to change the system to make it more difficult to prevent property fraud, Stratz said. The office is required to record items in the order they come into the office. Delaying entering while staff tried to verify the names on the documents would create a mess, he said.

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