Home Title Lock

(Investigation)

Home Title Lock advertises that it protects you against forgery on your home title.  It does so by monitoring whether or not someone has recorded a document against your property.  Let's assume that they do this flawlessly, and you get a notice of a newly recorded document soon after its filing.  

In this case, the Company says you can do something about it.  But the fact remains, the document has ALREADY BEEN RECORDED.  In almost all loans the recording of the lien document occurs simultaenously with the close of escrow which is also when the MONEY changes hands.  So, in my view, almost by defintion, when you get your NOTICE, the FRAUDSTERS already got the MONEY.

Of course, better to learn of the breach sooner rather that later, but YOU will still have to SUE to remove the falsely recorded document from your title.  You will still have sue to prevent whomeover loaned the money from enforcing the loan against your property.  

Unless you paid for Home Title Lock's 4 year plan, you will need to pay all legal fees yourself.  Even if you paid for Home Title Lock's 4 year plan, it is not clear to me whether or not their $1,000,000 "coverage" for Attorneys fees to help you to clear up title is actually INSURANCE.  It may be just a promise by the company to pay that much.  But will the company even be in business years from now?  What kind of money does it have on hand to be able to guarantee that it can meet that promise as to the dozens, hundreds, or thousands who could POTENTIALLY make such claims?

There is a reason California and other states REGULATE the INSURANCE business.  Insurance companies have to have evidence that they can pay the claims they are on the hook for.  If what Home Title Lock is offering is not a bona fide insurance policy, then these protections will not be in place.  

Title Companies like First American Title sell what are called ENHANCED title insurance policies that cover forgery that happens after you move into your home.  I see no reason why you couldn't buy such a policy going forward that WOULD totally protect you against the forgery threat as represented by the Home Title Lock advertisements.  It is not common for people to buy title insurance as a stand alone product and not as part of a purchase and sale transaction, or a loan transactions, but I believe it can be done.  

My preliminary research showed that even for a $600,000 home in California, an ENHANCED title insurance policy that would cover forgery going forward would cost $1800, at least according to an online calculator at First American title.  Note that this $1800 is for the entire time YOU own the home.  Compare that to the nearly $800 cost of 4 years worth of Title Lock's "Attorney Fee" "coverage" and you can see it makes more sense to explore the title insurance option.  

This is still prelminary.  I am investigating whether or not a potential lawsuit can be brought.  But if you have purchased Home Title Lock and want a refund, contact me at the form below to see if I can help.

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