New Jersey Man Charged With Illegally Pocketing Proceeds From $400K Loan Using Wife's Grandmother's Home As Collateral

In Hoboken, New Jersey, The Jersey Journal reports:

• A Rutherford man has been charged taking out a $400,000 loan against the home of his wife's grandmother -- and the 83-year-old only learned of the scam when foreclosure notices began arriving, officials said. A two-month investigation led to yesterday's arrest of John Airey, 37, on the charges of forgery, identity theft and theft by deception related to the Willow Terrace property, Hudson County Prosecutor Edward DeFazio said yesterday. [...] Airey took out the loan in his own name, DeFazio said, and apparently had no intention of repaying the loan.

• The victim's lawyer filed a civil action seeking to set aside the fraudulent mortgage and Superior Court Civil Division Judge Thomas Olivieri forwarded the matter to the Prosecutor's Office in February, triggering the criminal investigation, DeFazio said.

For more, see Hoboken 83-year-old scammed out of home; granddaughter's husband charged (John Airey is accused of using the Hoboken home of his wife's grandmother as collateral for a $400,000 loan he never repaid) (if link expires, try here).