Greg's Corner

Elderly man signed away house for $10, now faces eviction

By Greg Collier

As we’re sure you’re aware of, we typically discuss scams on this blog. However, today’s story doesn’t meet the legal requirement of being called a scam, but can still serve as a warning to those who may find themselves in a similar position.

A 66-year-old man living on the east coast of Florida lost his mother in 2020. He took her passing very hard and got behind on his mortgage payments. With the real estate market being what it is, the bank started to foreclose on the home.

Not knowing what to do, the man reached out to an acquaintance for help. The acquaintance allegedly told the man that he would take over the mortgage payments while allowing the man to live in his home. The man then signed a deed which transferred ownership to the acquaintance for $10. However, unknown to the man, the deed gave the acquaintance the right to sell the home if he chose to.

Eventually, the acquaintance did sell the home, stating the home was too much of a headache. The acquaintance sold the house to a real estate investor. The investor flipped the house by selling it to a New York company for $185,000. Meanwhile, the elderly man not only got nothing out of the sale of his home, but was also being evicted from the home he owned for 23 years.

The man’s neighbors say that the man is mentally challenged and was taken advantage of by all parties involved. Unfortunately, the courts have ruled that everything was legal, and the eviction can move forward. Meanwhile, the man is trying to sell some of his mother’s possessions to make a little money.

When dealing with any transaction that involves your home, you should have an attorney look over the paperwork before signing anything. If you can’t afford an attorney, some attorneys give free consultations, or you can reach out to a local law school to see if they have a program where students give free legal advice. There are also some non-profits known as legal aid societies that provide legal help to low-income families and individuals.