By With the world all a-buzz (and rightfully so) about the state of the economy, the real estate market and the spectre of foreclosures circling around us, it’s not at all surprising that there are plenty of people lying in wait to take advantage of peoples’ insecurities. It’s a shame, to be sure, but nonetheless, inevitable.
In the State of California, it’s not going to be tolerated.
In the United States, there are record numbers of homes either in pre-foreclosure (meaning that the homeowners have defaulted on their mortgage, but have not yet been forced from the home) or in outright foreclosure. In California, the percentage of homes in foreclosure is among the highest in the nation.
For a great many people, the prospect of losing their homes is one of the most terrifying things imaginable. More than the fear of not having a roof over one’s head, there are hits that the process drives into one’s self worth. Sadly, there are unscrupulous sorts out there who prey upon these fears and who will stop at nothing to bilk frightened homeowners for all that they’re worth.
As someone who runs a business whose main goal is to put people in homes … and keep them there, the news of this marked increase in shady business dealings is more than a little bit distasteful.
In 2009, there was a 50% increase in license revocations — 672 in total — for those who had engaged in foreclosure rescue or loan modification scams. For the past two years, there had been, on average, 446 revocations.
Get the facts.
If you’re on shaky ground and are at risk of going into foreclosure, there are legitimate paths to getting help. Make sure that you know your rights, and that your lender has the credentials to back up what they’re promising.
Check the website for the California Department of Real Estate (DRE). Once there, you can check the status of anyone’s license — valid, suspended or just plain revoked — or if they are licensed at all.
If you think you’ve fallen victim to a scam, you should know your rights. If the person you believe to have defrauded you is a licensee in the State of California, you may be able to receive restitution, up to $50,000, from the DRE. If the accused is not a licensee, I’m sad to report that there may be little or no recourse.
If you have questions or concerns, please don’t hesitate to ask your Intero real estate professional. We’re here to help.
And if you’re one of those who’re trying to profit from people’s misfortunes? Consider yourself on notice. The State of California isn’t going to turn a blind eye.
