Modernistic Properties ratings, reviews and complaints - Securities Investment

Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Investors allege unfulfilled contracts. Investors complain they invested $5,000 in an offer to have a home built for the amount of $85,000. The complainants allege the houses were to be completed in 2007, however, they have not been completed, and they have been unable to obtain a refund of the $5,000 investment as agreed.

The company responds to complaints by advising the investors that the company 's principal is 86 years old and in failing health, and delays with the project are attributed to the ecomomy and his health issues. The company's responses do not directly refuse to refund the complainants, but rather, advise complainants that by complaining or initiating court proceedings against them they are ruining their chances of ever having their $5,000 investment returned. The company contends that such actions will "put us out of business and their return of funds would be nothing. I cannot let that happen. If worse comes to worse I shall file a legal action for protection under laws of Bankruptcy Chapter 11 and offer all of the present time unpaid depositors an exchange note for $5,000 all due in 36 months with an interest rate of 3% all due on maturity."

The complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.

Our complaint services are free and our team of expert mediators will assist in resolving complaints with businesses.

File Complaint

Complaint Closing Statistics

0 complaints against Modernistic Properties closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

Other Information

Company Info

This company's business is offering investor contracts for affordable housing.

Primary Contact:	Lucius F. Foster (Broker)
Business Started:	6/14/2004
Social:

Is this Your Business? Claim Business

Sign up for a Business Consumer Alliance account to manage your online storefront and complete your company's profile. Learn More

Interested in Modernistic Properties ?
Contact them directly!

Request Quote

Licensing

We know of no licensing or registration requirement for companies engaged in this company's stated type of business.

Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

Careful evaluation of all investment offers should be done prior to signing agreements. Rather than make an immediate decision, insist that the caller confirm details of the offer and all verbal promises in writing. Verify that the offer is registered, or exempt from such requirement, with your state securities commissioner. In California, call the Department of Corporations 213 576-7500. Limited Partnerships are required to register unless an exemption is filed with the state. General Partnerships, however, are not required to register. Those who invest in General Partnerships may also be accountable for the financial liabilities of the entire partnership. Offers claiming to be exempt from registration must meet specific requirements. Specifically, they must be limited to no more than 35 investors who are: immediate relatives or friends; current investors in other offers made by the company; persons referred by current investors; and to those with the expertise to make a valid decision. Generally, if an offer is sold via telephone, it is an indication it would not be qualified for exemption under current law.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

Industry Resources

Advertising Reviews

Additional Info

DBAs:

Lucius Foster & Associates

Websites:
There are no additional web sites.

Contacts:
There are no additional contacts.

Other Categories:

Mortgage Services

Addresses:

10907 Magnolia Blvd. Suite 143, North Hollywood, CA, 91601

Reputation Report

Modernistic Properties

Complaints and Resolutions

Other Information