A 90-year-old New Yorker is facing eviction from his Brooklyn home of over 50 years after he says he fell victim to a deed scam — 18 years ago.
Ray Cortez’s plan to live out his days in the Park Slope brownstone where he raised his three children is in peril after what he claims was a con in which he signed over the deed to his house.
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The story begins in 2006 when Cortez, then 72, was seeking money for home renovations and he was convinced to sign over the deed of his home to another man. At the time, he thought the transaction was legitimate and the deed would be returned to him — but those papers were never filed with the city.
He says a line of credit worth nearly $700,000 was taken out on the house — and when that HELOC went unpaid, the bank sold Cortez’s home at foreclosure for $2 million. Now, he’s fighting in housing court to save and stay in his home.
“It’s heartbreaking,” Cortez’s son, Ray Jr., told Eyewitness News ABC7NY. “It’s been too long for him to have to carry this with him. It’s been devastating.”
A common type of real estate scam
Cortez bought the family home in 1969 for $20,000. In the five decades since, it has been surrounded by million-dollar condos, restaurants, bars and the Barclays Center, home to the Brooklyn Nets.
Now, the old house is valued at close to $3 million, according to Eyewitness News, but Cortez’s name is not on the deed.
“It’s a travesty,” Tom Harriman, who also described Cortez as “the perfect neighbor,” told Eyewitness News. “All of us on this street are just appalled.”
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Sadly, housing scams are not uncommon in up-and-coming neighborhoods, according to Cortez’s attorney, Bill Lienhard.
“If you go into certain neighborhoods, mostly communities of color in Brooklyn, from Prospect Heights over towards East New York and then southeast Queens, everybody on every block knows somebody who has been a victim of deed theft or real estate fraud,” he told Eyewitness News.
The eviction is on hold until Sept. 9, the local broadcaster reported, and the Attorney General’s office is reviewing the case.
Protect yourself against deed fraud
Deed fraud — sometimes called home title fraud, title theft or house stealing — is when thieves steal the title of a home.
This type of fraud commonly starts with identity theft, where criminals forge a deed that transfers ownership of a property. In other cases, crooks might deceive a homeowner into signing over ownership, often with the promise of financial assistance.
Once property ownership has been transferred, the deed holder may attempt to occupy the space, sell it or rent it out, or borrow money against the property.
There are ways to protect yourself and your home from deed fraud. For instance, you should pay attention to incoming bills — like mortgage bills, tax bills, utility bills and so on — to ensure they’re still coming in and that all the information is correct. You can also check the status of your property deed at the local registry office.
Perhaps most importantly, you can monitor your credit reports for signs of identity theft. Look out for unfamiliar accounts or debt balances that are higher than expected as those could be warning signs that someone is making money moves in your name. Finally, you can purchase a title insurance policy when you buy a house or refinance. This type of coverage can protect you against impersonation or forgery.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Source Agencies
