• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

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.”

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 was temporariy stayed, the local broadcaster reported, and the Attorney General’s office was reviewing the case. However, an October update on justicefor91stmarksplace.com stated AG Leticia James would not intervene, but hoped she might reconsider.

Invest in real estate without the headache of being a landlord

Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.

The best part? You don’t have to be a millionaire and can start investing in minutes.

Learn More

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.

Sponsored

Become the landlord of Walmart, Whole Foods or Kroger

Looking to hedge against market volatility? First National Realty Partners offers accredited investors access to premium commercial real estate opportunities. Their team of experts vet every deal and provide white-glove service which means you get to enjoy quarterly distributions without the headaches of being a landlord.

Bethan Moorcraft is a reporter for Moneywise with experience in news editing and business reporting across international markets.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.