What is penalty in Kansas Law for exploiting elderly financially?
Question by Rhonda W: What is penalty in Kansas Law for exploiting elderly financially?
Parents agreed to have names taken off deed to house and allowed third party to take all the profit. Unless Medicaid makes an exception, they may have to pay for months of their Nursing Home care when needed. Is the party guilty of exploitation responsible to pay back the ill-gotten gain or is their jail time involved. I just don’t know.
Answer by bkc99xx
Were they in foreclosure or in some other financial difficulty concerning their house?
How much was the house worth and how much debt was assumed when the new people took it over?
I have bought houses from people in less than favorable conditions, but I always had a formula to use to ensure that I would have a strong basis for the decisions that were made. In effect, I would always come up to a value to be split between the homeowner and myself based on the equity and the amount of work required. Then, I knew that, within reason, no one else in the market would offer them much if any more for their house.
However, I would talk to people that I would offer $ 10-$ 15,000 to above what they owed and find out that some others had been there offering $ 500-$ 1,000 hoping that in desperation, the homeowner would take it.
Unfortunately, unless you can prove that the parents were unfit to make their own decisions at the time, there may not be much you can do.
If, it happened within the last day or so, there may be a 3 day right to revoke the sale in your state. If you are within that time frame, investigate that as quickly as possible.
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