KB Times
Katten & Benson, Your Elder Care Law Specialists
February 2011 - Vol 4, Issue 2
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| Did You Know? |
- Texas is one of the top 10 states for property fraud
FBI
- Fort Worth is in the top five in Texas for fraud complaints and identity theft complaints
FTC
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| K & B Happenings |
Bad Weather PolicyIf the Fort Worth school district is closed, then our offices are closed. Law Intern We are happy to announce that we have another law intern from Texas Wesleyan, Nicki Sontag. Please welcome her if you have the opportunity to meet her.
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Financial Exploitation Happens
|  Financial exploitation is something no one wants to talk about, yet it is a fairly common problem.
We've all heard about the credit card scams and "workmen" who get big fees up front from trusting older adults and then don't deliver. But here is a new type of fraud that I had not heard of: property fraud.
The scammer identifies a property, often owned by retirees, because their property is most often already paid off. The scammer then creates a fake deed and files it with the local county clerk's office. Once the new, fraudulent deed is filed, then the scammer applies for a mortgage, and basically takes the money and runs. After a few months, you, the true homeowner, start getting notices of late mortgage payments, because of course, you don't have a mortgage, but you do live in the house. Many victims of this crime are at risk of foreclosure, and taking the steps to clear title can cost thousands of dollars.
According to the FBI this is one of the fastest growing white collar crimes, and anyone who owns property is at risk.
Here in Tarrant County the County Clerk's office has joined a service called Property Fraud Alert. It is free to subscribe to this service (for those in Tarrant County; some counties charge a fee). Once subscribed, you will be notified any time a deed is filed in your name. This allows you to know if someone may be filing something fraudulently, so you can take steps to protect your property. It's easy to sign up (I just did). Monica actually tested the service, filing a straw deed on her house, and she did get a notice.
You can subscribe by going to: www.propertyfraudalert.com/tarranttx
You can also call the Property Alert Fraud Hotline at 817-728-3858 for more details.
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Molly's Musings
| Hi, everyone!
Since it's a New Year, it's a good time to think about ways to make yourself safe. 
Mom says everyone should check their credit report every year. The only official place to do this is www.annualcreditreport.com.
If you think you've been the victim of identity theft, you can ask to have a fraud alert placed in your credit file. This will tell creditors to follow procedures to protect you, but it can also make it harder for you to obtain credit. All you have to do is call one of the three credit reporting agencies, and they will then notify the other two.
An initial fraud alert is in your file for 90 days. An extended alert is in your file for seven years. For an extended alert, you will have include an identity theft report that has been filed with federal, state or local law enforcement. When you ask for a fraud alert, you will be asked for proof of identity, which may include your Social Security number.
Here is how you can contact each of the three credit reporting agency:
You can also minimize the risk of identity theft by limiting the number of credit cards you use, and never, ever give a stranger your credit card number or other identifying information.
 Molly
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Don't forget that we are always here and ready to help with your long term care planning needs.
Sincerely,
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Kim Olmedo, LCSW, CCSM, CSW-G
Elder Care Coordinator
Katten & Benson
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