Real Estate Agent Faces Criminal Charges for Defrauding Homeowner Into Transferring Ownership of Home
Almost every aspect of the real estate market is prohibitively expensive, even if you have savings or are experienced in business. Buying a house is expensive, so expensive that first-time homeownership is out of reach for everyone except those whose parents own a home and can contribute money to the down payment or co-sign on the mortgage. Of course, closing the sale does not always mean that you are on Easy Street; more often than not, it means that you have a whole new set of financial hardships. It is almost a cliché that the hosts of housewarming parties kvetch about how little money is in their bank accounts now that they have bought the house and are responsible for mortgage payments, even after the guests, whose own home mortgages are not yet paid off, have shelled out money for housewarming gifts to furnish the house. If you decide that you have had enough of the homeownership rat race and you are ready to go back to renting or move in with your parents, then selling your house costs a bundle, too. If you are struggling to keep up with your mortgage payments, your best choice is to consult a real estate agent or lawyer sooner rather than later, before the mortgage lender begins foreclosure proceedings. For help protecting yourself from fraud and exploitation when trying to get out of an untenable home ownership situation, contact a Bronx real estate attorney.
Defendant Allegedly Made False Claims About Keeping Owner’s House Out of Foreclosure
In 2019, Garnett Miller was retired and could no longer keep up with mortgage payments, and he was in danger of losing his home to foreclosure. He sought the help of a licensed real estate agent, Kenneth Lester Floyd, Jr., who proposed a solution. Floyd advised Miller to transfer ownership of the house to a real estate trust controlled by Floyd. He said that this would protect the house from creditor claims, and that, in about a year, it would be safe to transfer the house back to Miller. In the meantime, Miller would rent the house out to tenants.
Miller transferred the house to Floyd’s trust, and Floyd rented it to tenants who received rental assistance through public benefits. Floyd pocketed the rent money but did not make any payments toward the mortgage, so the foreclosure case went forward. Miller eventually complained to the police, and now Floyd is facing criminal charges for larceny, criminal possession of stolen property, welfare fraud, and scheme to defraud. As of March 2025, no further information was available about whether Floyd entered a plea and, if he pleaded not guilty, which defenses he used.
Schedule a Confidential Consultation With a Bronx Real Estate Attorney
A real estate lawyer can help you avoid scams and fraud if you need to make a decision quickly about a real estate property you can no longer afford. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
bxtimes.com/bronx-real-estate-agent-indicted-for-defrauding-elderly-homeowner-in-foreclosure-scheme