Cash for homes, cash for houses, we buy ugly houses warning

Kansas City MO

Description

Cash for homes, cash for houses, we buy ugly houses warning (Kansas City) Faithful Home Buyers in Kansas City Missouri will be reaching out to you if you have equity in your home. This is one of those "Cash for homes" companies that you hear about. Heads up- this is not whom they represent themselves as. They do all their legal moves under a different name. Faithful Property Brothers, LLC is on all the paperwork. This way you can not find them later or easily figure out what they are doing. One person that they did target had over $100K in equity in her home after her partner passed away. When bills were rising and emergencies came up, she called on one of the post cards in the mail. This company knew the elderly lady did not understand the sale process of the home. They showed her a sale contract of 92K on a home with 67k as a balance. The home owner being strapped for cash to get her car running, get ac working and falling behind on mortgage payments made her a prime target. She thought she was getting 92K, not aware that the note would need to be satisfied first. When she asked for clarificaiton on these terms, they danced around the issue. They kept telling her that they would take care of her and get her the money to fix these things "but we need the paper work signed first". Here is where it gets good. Buyers draft a promisory note for 23k and "make payments to her". 2 weeks after the closing, they post a 30 day notice to vacate. She is confused becase she was still waiting for a lump sum so she could move out. A fixed income does not allow an elderly person to easily qualify for rent. After investigating this story, I found that the buyers swapped out the original sale contract with the title company showing they would subordinate and take over the mortgage of apx 67k. In addition to this, the elderlady had signed a warranty deed handing over her home for $1.00. Yep, you see it right there- no money exchanged for her home (except for the nominal payments to her monthly) and forcing her to vacate the property. This falls under Financial Elder Abuse and it is a Class B if not Class A felony to take advantage of a an elderly person. A nominal settlement is reached and the mediated statement states that all negative comments be removed from social media. Looks like this company has way more to hide based on the paperwork. Any assistance in this matter would be greatly appreciated! Also, share this info so that more people will be informed about how to step in and help seniors. Statute- 570.145. Financial exploitation of the elderly person or person with a disability — penalties — certain defense prohibited, additional violation, restitution. — 1. A person commits the offense of financial exploitation of an elderly person or a person with a disability if such person knowingly obtains control over the property of the elderly person or person with a disability with the intent to permanently deprive the person of the use, benefit or possession of his or her property thereby benefitting the offender or detrimentally affecting the elderly person or person with a disability by:   (1) Deceit;   (2) Coercion;   (3) Creating or confirming another person's impression which is false and which the offender does not believe to be true;   (4) Failing to correct a false impression which the offender previously has created or confirmed;   (5) Preventing another person from acquiring information pertinent to the disposition of the property involved;   (6) Selling or otherwise transferring or encumbering property, failing to disclose a lien, adverse claim or other legal impediment to the enjoyment of the property, whether such impediment is or is not valid, or is or is not a matter of official record;   (7) Promising performance which the offender does not intend to perform or knows will not be performed. Failure to perform standing alone is not sufficient evidence to prove that the offender did not intend to perform; or   (8) Undue influence, which means the use of influence by someone who exercises authority over an elderly person or person with a disability in order to take unfair advantage of that person's vulnerable state of mind, neediness, pain, or agony. Undue influence includes, but is not limited to, the improper or fraudulent use of a power of attorney, guardianship, conservatorship, or other fiduciary authority.   2. The offense of financial exploitation of an elderly person or person with a disability is a class A misdemeanor unless:   (1) The value of the property is fifty dollars or more, in which case it is a class E felony;   (2) The value of the property is seven hundred fifty dollars or more, in which case it is a class D felony;   (3) The value of the property is five thousand dollars or more, in which case it is a class C felony;   (4) The value of the property is twenty-five thousand dollars or more, in which case it is a class B felony; or   (5) The value of the property is seventy-five thousand dollars or more, in which case it is a class A felony.   3. Nothing in this section shall be construed to limit the remedies available to the victim pursuant to any state law relating to domestic violence.   4. Nothing in this section shall be construed to impose criminal liability on a person who has made a good faith effort to assist the elderly person or person with a disability in the management of his or her property, but through no fault of his or her own has been unable to provide such assistance.   5. Nothing in this section shall limit the ability to engage in bona fide estate planning, to transfer property and to otherwise seek to reduce estate and inheritance taxes; provided that such actions do not adversely impact the standard of living to which the elderly person or person with a disability has become accustomed at the time of such actions.   6. It shall not be a defense to financial exploitation of an elderly person or person with a disability that the accused reasonably believed that the victim was not an elderly person or person with a disability.   7. (1) It shall be unlawful in violation of this section for any person receiving or in the possession of funds of a Medicaid-eligible elderly person or person with a disability residing in a facility licensed under chapter 198 to fail to remit to the facility in which the Medicaid-eligible person resides all money owing the facility resident from any source, including, but not limited to, Social Security, railroad retirement, or payments from any other source disclosed as resident income contained in the records of the department of social services, family support division or its successor. The department of social services, family support division or its successor is authorized to release information from its records containing the resident's income or assets to any prosecuting or circuit attorney in the state of Missouri for purposes of investigating or prosecuting any suspected violation of this section.   (2) The prosecuting or circuit attorney of any county containing a facility licensed under chapter 198, who successfully prosecutes a violation of the provisions of this subsection, may request the circuit court of the county in which the offender admits to or is found guilty of a violation, as a condition of sentence and/or probation, to order restitution of all amounts unlawfully withheld from a facility in his or her county. Any order of restitution entered by the court or by agreement shall provide that ten percent of any restitution installment or payment paid by or on behalf of the defendant or defendants shall be paid to the prosecuting or circuit attorney of the county successfully prosecuting the violation to compensate for the cost of prosecution with the remaining amount to be paid to the facility. (L. 2000 H.B. 1386 & 1086, A.L. 2003 S.B. 556 & 311, A.L. 2005 H.B. 353, A.L. 2012 S.B. 689, A.L. 2014 S.B. 491) Effective 1-01-17 ---- end of effective   01 Jan 2017 ----