Fighting Mortgage Fraud In Cook County

Is that Property Really Yours To Sell?

P.A. 095-0988A new Illinois law regarding the transfer of real property in Cook County goes into effect on June 1, 2009. Public Act 095-0988 amends the Illinois Notary Public Act by describing the manner in which a notary must sign each notary certificate at the time of notarization. The law requires that a paper or electronic form must be completed and retained, for a period of 7 years, for each notarial act relating to real property in Cook County. One key change is that finger-printing now is a part of the process. As part of the record to be kept, the law provides that the notary require the person signing the document of conveyance, including an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the notarial record.

In an effort to fight mortgage fraud in Cook County, the new law creates this process as a pilot program. Often times straw purchasers and fraudulent mortgage brokers will work together to commit mortgage fraud. This law places responsibilities on a notary to verify the identities to a real estate transaction in Cook County, and keep a thumb print of them as well. Proponents believe this will deter individuals from participating in these schemes, and reduce the amount of mortgage fraud in Cook County.

This nightmare actually happened to a client of mine. He found out that his tenant had worked with a (former) real estate agent to register a quit claim deed on a property he owned. Well, he was shocked to learn that the tax bill for his property (that he owned outright - there was no mortgage on the place) was being sent to someone he didn't know - and that this bogus owner was listing the property for sale. The bogus owner had contracted to have some renovations done to the property in preparation of a sale. If he hadn't missed the tax bill he might not have found out this little piece of skullduggery. When he went to court, he says the judge didn't bat an eye - says it happens all the time.

A Quitclaim deed DOES NOT guarantee that there is clear title to the property at all. If someone tells you they have a quitclaim deed to a property - RUN! It could very well be a scam. A quitclaim deed may only tell you that to the extent that a person has title to a certain property, they are claiming the property with right to sell. The extent of that right could very well be none at all. You should always request a warranty deed to any property you wish to purchase. That, along with doing a complete title search with a reputable title company through a reputable real estate agent, will ensure that years from now, while you are sitting on what you think is your porch, the Sheriff won't come up and toss you out. A lot of people were up in arms about this new law - especially since it is only a Cook County provision at this point - but seeing the year it took for my client to straighten it out - I applaud the new law and wait to see what new tricks property thieves will invent to circumvent the law this time.

Let that be a lesson to you - hell hath not fury like a woman scorned!

Dixie Kitchen and Bait Shop - 5225 South Harper 773-363-4943

I was asked to inform all who asked that the Dixie Kitchen is still open - and at this point has no plans to close or relocate. The Shrimp and Catfish Po' Boy sandwiches are the best I've had outside of New Orleans. You can't go wrong with the fried green tomatoes, which are still a treat.

My usual meal is the southern sampler, but I mix it up with the fried catfish filet from time to time. What are your favorites there?

DON'T MISS - The Piano Lesson at Court Theatre -5535 S. Ellis 773-753-4472

Master playwright August Wilson’s Pulitzer Prize-winning play is the 1930s entry in his monumental 20th Century play cycle. A rich family history with origins in slavery is carved into the wood of the piano that could be Boy Willie’s ticket to self-sufficiency or Berniece’s legacy to her daughter. The Piano Lesson is the story of two siblings’ struggle to come to terms with their inheritance and the ghosts of their dead. On stage May 7 - June 8