California Real Estate Fraud Report

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10
May

State Senate Passes Bill to Fund Real Estate Fraud Units

On Thursday, the California State Senate voted to allow counties to increase filing fees for property purchase documents in order to better fund fraud investigation units. The bill was written by Sen. Dave Cox (R-Fair Oaks) and supported locally by Los Angeles County Sheriff Lee Baca and L.A. County District Attorney Steve Cooley.  Its provisions expand the types of documents subject to the $2 recording fee to include a substitution of trustee, a notice of trustee sale and a notice of rescission of declaration of default. The recording fee is also subject to an increase to $3 by a county’s board of supervisors.

According to Senator Cox,

“Much of the problems with foreclosures and mortgage fraud that we see today is the result of criminal activity. The real estate fraud units that this bill funds help combat that fraud.”

The bill still must be passed by the State Assembly before becoming law.

Read the Full Article in the Los Angeles Times

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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