Article from the Ohio regulators.
http://www.com.state.oh.us/real/documents/2007Summer.pdf
Just the order:
http://www.com.state.oh.us/real/documents/jon_bradham_order_web_version.pdf
LOL, I’m going to go out on a limb here as I’m reading and guess the blacked out last time for Bill is Gatten.
The crybaby who was fined deserved to be. He did not act in accordance with the terms of the trust.
Quote "Between April 2003 and November 2004, Lorraine Edwards and her daughter Electa Dawn Lee resided in the property as the resident beneficiary. She was late on her monthly payment several times. In November 2004, Ms. Edwards and her daughter each sent a check to cover the monthly payment – the check from her daughter bounced, making it impossible for Riverhaven to pay the mortgage payment on the property.[b]IF HE FOLLOWED GATTEN'S PACTRUST, THE RENT IS COLLECTED AND MORTGAGE PAID BY THE TRUSTEE, EHC, NOT THE INVESTOR. [/b]
Quote On November 17, 2004, Riverhaven notified Mr. Worrellia and Ms. Edwards that it was exercising its right not to purchase the property, and would relinquish its ownership of interest and responsibilities (per the signed trust agreements) to Mr. Worrellia.[b]THIS IS NOT CORRECT. THE ONLY OPTION USED BY GATTEN IS A NON-EXCLUSIVE OPTION TO PURCHASE A BENEFICIARY INTEREST IN A TRUST CONTAINING THE REAL PROPERTY. THE RIGHT NOT TO EXERCISE THE OPTION EXPIRED ONCE A RESIDENT BENEFICIARY WAS PLACED IN THE TRUST. THIS GUY DID NOT HAVE THAT RIGHT TO NOT PURCHASE AT THE TIME HE WALKED AWAY AND IT WAS HIS RESPONSIBILITY TO EVICT THE TENANT AND KEEP THE PAYMENTS CURRENT.
[/b]
Quote We offered to assist Mr. Worrellia with eviction per the trust agreements of Ms. Edwards if necessary.[b]NICE GUY. EVICTION IS THE SOLE RESPONSIBILITY OF THE INVESTOR, NOT THE SETTLOR (SELLER). NO WONDER THIS GUY GOT INTO TROUBLE. HE VIOLATED THE TERMS OF THE TRUST AGREEMENT.[/b]
Quote In March of 2005 my family and I moved to Seattle, Washington for an engineering job and to be closer to family in Washington.[b]HE ABANDONED THE PROPERTY LEAVING THE SETTLOR HIGH AND DRY. IF I WAS THE SETTLOR, I'D SUE HIM TOO. [b][/b]
Quote Unbeknownst to us, Mr. Worrellia had also filed a complaint against us with the Ohio Real Estate Commission for engaging in unlicensed activity. This was the first time I realized that Mr. Gatten was probably incorrect in saying that the system did not require a license.[B]IT DOESN'T.[/b]
Gatten’s Land Trust system has been used for almost 20 years without any problems. Unfortunately, occasionally people either mis-use it as the crooks did in NC, or don’t follow the procedures and get themselves in trouble. There are such people using every creative financing method there is. There are literally hundreds of testimonials that I have read or discussed with people who have used this system successfully, including myself over the past ten years.
:cool OKAY i think we all need to keep a few points in mind here !!
1 ) any system and or way to get real estate out there IS subject to some one some where making a mess of it !!! THIS isfor any one of many reasons !!
2 ) when the new or want to be investor will not or donot take the time to look in to the gray place in his or state real estate laws !! THE result is bad as they will cross it out of not knowing where to stop
3 ) all states countys have real estate police in some way just looking for investor screw up be it new or old
NOW when all of the above come to pass you will hear and see the stuff happen as did in this post !!!
IF in any real estate deal there is any underlying notes or payments
YOU HAD BETTER MAKE SURE THEY ARE COVERED !!! THIS before you ever make the deal !! THIS will be the first thing to draw the real estate police to your door and fast !!
IF you do not fully understand the system you are trying to use stop as you will get in to troubles and fast !!!
BUT there will all ways be people whom will use any thing to screw and rip off there fellow man !!! SO all of us honest ones need to help out all of the rest and help self police our kind the REAL ESTATE PROS !!!
just my imput good or bad
Heeeeeeeeeeeee’s baaaaaaaack!
Keith
:cool WHAT KEITH ???
trustpro are your initials PG?