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CA Dept. of Real Estate
Home Mortgage Relief Through Litigation and “Too Good to Be True” Claims Regarding Its Use to Avoid and/or Stop Foreclosure, Obtain Loan Principal Reduction, and to Let You Have Your Home “Free and Clear” of Any Mortgage).
This alert is written to warn consumers about marketing companies and others that offer and sell false hope and request the payment of upfront fees for so-called class litigation that will supposedly result in extraordinary home mortgage relief.
False and Misleading Designations and Claims of Special Expertise, Certifications and/or Credentials
The DRE has noticed an increase in the use of questionable and possibly misleading terms such as "expert", "certified", and "specialist"...and many of these designations and claims seem to be nothing more than marketing ploys by unscrupulous fraudsters to capitalize on the desperation and vulnerability of unsophisticated and/or financially strapped homeowners.
Several months ago, the Calif.Department of Real Estate issued a warning to the real estate industry about short sales and growing fraud in this area. This update is on the growing, questionable, and sometimes unlawful practice requiring buyers to pay the fees charged by short sale negotiators.
This report from the California Department of Real Estate explains that advance fees for loan modifications are now illegal in California. If someone tells you they can help you modify or renogotiate your home loan and they ask you for, charge or collect money or fees up front, they are in violation of Calfornia law. Read this report to find out how to protect yourself.
This alert and warning is issued by the California Deparment of Real Estate to call to your attention the often overblown and exaggerated “sales pitches” regarding the supposed value of Forensic Loan Audits. It is critical to note that a loan audit report has absolutely no value as a stand-alone document.
If you are considering engaging in a short sale transaction, you should fully educate yourself about the mechanics of the process and the related legal and ethical issues and work only with legitimate professionals. This report from the California Department of Real Estate will help you avoid some serious pitfalls.