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Elder Financial Abuse

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My best friends family is in desperate need of raising funds to save their  101 ½ year old mother/grandmothers home, who is suffering from Dementia a very debilitating disease. She was born June 29, 1918. She is in jeopardy of losing her home and we need help to save her home. Our mother is the victim of what we believe to be Elder Financial Abuse.  One of her sons, convinced her to sign her property over to him when she was almost 90 years old.  This same son took out a loan on her home in the amount of $100,000, using her property as collateral.

When our mother realized he had taken out this loan on her home, he pressured him until he agreed to Quit Claim the deed back into her name, in 2010. But, because the home was in his name at the time personal loan was taken out and bad investment, two liens were placed on her home.  The second lien in the amount of $176,600 related to his bad investment, called  ‘Impact Cash’.  This investment involved him and his wife and had nothing to do with his elderly mother. This investment turned out to be a Ponzi Scheme. Her son and his wife were sued, to recover the money and as a result of this lawsuit, a lien was placed on his mother’s home.

Her son made payments to repay the money to the bank, but we received a Foreclosure notice from Mechanics Bank, (formerly Rabo Bank ), dated February 27, 2020 that he has defaulted on the loan.  Her son decided he didn’t want to continue paying back all the money he got on his mother’shome, and stopped making payments, September 2019.  He never said a word to her family!  We only found out because the notice of default came in the mail.

An Elder Financial Abuse report was filed Monday February 24, 2020 to the local police department, for allegations ofElder Financial Abuse, but in the meantime, the family is trying to raise funds to bring her home out of foreclosure, soshe won’t lose her home.  She has always told her children,she wanted to remain in her own home, for the remainder of her  life.  

We have set up a GoFundME Account to help us raise approximately $8,000, to catch up the back payments, on her home and $3,128.71 to help get the property taxes current.

Organizer

Carmen Smith
Organizer
North Las Vegas, NV

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