Missouri Foreclosure Rescue Operator Facing Felony Theft Charge; Allegedly Cheated 80 Year Old Woman Out Of Home
An article from The Kansas City Star and appearing in The Columbia Daily Tribune reports that reputed real estate guru and foreclosure rescue operator J. Michael Ledman is facing a felony theft charge alleging that he bilked an 80-year-old Johnson County, Missouri woman out of her home of 38 years, causing her to lose $150,000 in home equity. Local authorities allege that Ledman induced the woman to surrender the title to her $450,000 home without her knowledge. They contend that Ledman deceived her into thinking she was signing papers that would keep her house out of foreclosure. The woman reportedly believed that she was signing a lease with Ledman that would allow her to stay in the house for two years while she made arrangements to pay off what she owed using a pension that was due her.
Involved in the foreclosure rescue transaction was the use of a "land trust" agreement that essentially placed the title to her home in a trust in which Ledman’s wife was named trustee. The elderly woman reportedly also signed over her beneficial interest in the trust to Ledman’s company, J. Michael Properties Inc., giving it the authority to transfer ownership of the house.
In addition to the hot water Ledman currently finds himself in, the real estate investment guru, who reportedly charged $2,900 and up per person for how-to training and gave out advice on his weekly radio show about everything from credit scores to how to buy and sell distressed property with no money down, also finds himself with financial problems. The Star reports that he was evicted from his office, a bank foreclosed on his $500,000 home, and in April, he lost his radio show when he ran out of money to pay for it. He reportedly has also left in his wake unhappy sellers, buyers and investors who lost money in his debt repair and get-rich-quick programs.
For more, see Real estate’s market crash ensnares guru (No-money-down leader in legal trouble).
Involved in the foreclosure rescue transaction was the use of a "land trust" agreement that essentially placed the title to her home in a trust in which Ledman’s wife was named trustee. The elderly woman reportedly also signed over her beneficial interest in the trust to Ledman’s company, J. Michael Properties Inc., giving it the authority to transfer ownership of the house.
In addition to the hot water Ledman currently finds himself in, the real estate investment guru, who reportedly charged $2,900 and up per person for how-to training and gave out advice on his weekly radio show about everything from credit scores to how to buy and sell distressed property with no money down, also finds himself with financial problems. The Star reports that he was evicted from his office, a bank foreclosed on his $500,000 home, and in April, he lost his radio show when he ran out of money to pay for it. He reportedly has also left in his wake unhappy sellers, buyers and investors who lost money in his debt repair and get-rich-quick programs.
For more, see Real estate’s market crash ensnares guru (No-money-down leader in legal trouble).
posted by Home Equity Theft Reporter at 6:31 AM
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