California Real Estate Fraud Report

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“Foreclosure Consultants” Put on Notice by California Attorney General

Continuing his fight against scam artists who “prey” on vulnerable Californians, Attorney General Edmund G. Brown Jr. issued a directive this week requiring “foreclosure consultants” to register with his office and post a $100,000 bond by July 1, 2009—or else. Those who fail to do so will be in violation of California state law and subject to criminal penalties of up to one year in prison and fines ranging from $1,000 to $25,000 per violation.

Scam artists have fleeced thousands of homeowners desperate to save their homes by promising to prevent foreclosure or obtain loan modifications. Most charge money upfront, then either disappear, stop returning calls of the panicked homeowner or pretend to negotiate with the lender. [note: personally, I have never received a testimonial from a satisfied customer of any of these shady businesses.]

Attorney General Brown is establishing a registry to provide Californians with both information about self-described foreclosure consultants and what homeowners can do if they feel they’ve been victimized.

The registry was created after AB 180, legislation sponsored by AssemblySpeaker Karen Bass, was signed into law in 2008. Foreclosure consultants are required to submit the following in addition to posting the $100,000 bond.

– Name, address, and telephone number;

– All names, addresses, telephone numbers, websites, and e-mail addresses used or proposed to be used in connection with their business;

– Copies of all advertising;

– Copies of each different contract the consultant will use with consumers;

– A copy of his/her $100,000 bond.

FYI: the office of the Attorney General may deny or revoke a Certificate of Registration if the foreclosure consultant has run afoul of foreclosure or mortgage laws in the past or has made misstatements on his/her registration form.

For more information, see the California Attorney General’s website.

A copy of this article is also found on the LA Fraud Examiner on

© Copyright 2007-2018 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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