Neil Reid came very close to losing his home, a property that's been in his family for decades.

The Miami man says foreclosure paperwork was filed against him after a South Florida mortgage company convinced him to refinance his property three times in less than a year.

"I explained to them that I can't read or write, and I don't know anything about the mortgage system," Reid said. "He said 'Mr. Reid, you came to the right person.'"

Lissette Labrousse, with the Legal Services of Greater Miami, said the mortgage company -- Ace Mortgage Loan Corporation in Broward -- fraudulently got his home on paper to be worth over $200,000 so Reid could take out equity earned. He only owed the bank $40,000.

"I think Mr. Reid was definitely taken advantage of," Labrousse said. "People who have equity in their home, they could be targeted by mortgage brokers solicited to refinance their property in that sense the mortgage brokers get fees from some of the mortgages they ended up refinancing."

NBC Miami obtained the loan applications Labrousse says the broker altered to get Reid qualified.

In reality, Reid is a disabled man who earns about $800 dollars a month in income, but the paperwork submitted to the bank shows Reid is the owner of a pool servicing company, that he finished his junior year of college, that he makes $5,500 a month.

Most shocking: the paperwork claimed he's he not African-American, but rather a white male.

Mitch Canada at Ace handled the loan.

"Last time, I told him, I said 'I can't afford this,'" Reid said. "They knew better than that because they had all my paperwork. I dealt with them three times, how am I gonna be a pool man and white? Tell me that?"

Reid said the money from the refinances was used to redo the flooring, windows, and roof on his home.

The head of Ace Mortgage, Scott Osher, said he was not running the company at the time, and that the broker who had the account no longer works for Ace. He also said any fraud is not tolerated at Ace.

Gold Coast Settlement Services said they are required to confirm who Mr. Reid is, but not verify what the documents say about him.

No one at either firm apparently questioned the truthfulness of the loan and Reid says he didn't know they altered his identity.

The foreclosure action against Reid has been terminated for now, but his attorney worries the bank could go after him again.

Labrousse says if you have any equity in your property, watch out for mortgage brokers trying get you to refinance.

If you need assistance, but cant afford it, go to http://www.lsgmi.org.