Protect yourself is the name of the game these days.  Don't get taken, and check here often for updates on where the market is headed and what to watch out for.
 
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David Thomas, Realtor® - Quality Service Certified Top 300 "Best of the Best" agent since 2006
Century 21 Bundesen
(707) 769-7188 direct
(707) 762-1032 fax
E-mail: SellThatHouse@Century21.com
Website: www.SellThatHouse.net

  California Department of Real Estate issues fraud warning:

The DRE recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert is available in both English and Spanish.  Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 Desist and Refrain Orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said.  In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.

C.A.R. also has learned of what appears to be a loan modification assistance program and lead generator, from a company using the legislative bill number 3648, that looks as if it’s a government entity, complete with a misleading seal closely resembling a governmental seal but that is not affiliated with the government. C.A.R. cautions all members to be on the alert for schemes seeking funds from REALTORS® or consumers with no value, or that may be misleading or unlawful.

Click Here for more information and steps you can take to protect yourself.

David Thomas, Realtor® - Quality Service Certified Top 300
"Best of the Best" agent since 2006
Century 21 Bundesen
(707) 769-7188 direct
(707) 762-1032 fax
E-mail: SellThatHouse@Century21.com
Website: www.SellThatHouse.net
Ca. Dept of Real Estate: #01290314

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