Warning And Help For Tulare County

Posted in Foreclosure, June 23rd, 2007 |

Foreclosure tornados are blowing off roofs above the heads of many in Tulare County. The rate is up 105.7%. Scam artists parading as consultants are using strong-arm tactics to make owners sell off at low rates.

To forestall predators and protect victims a public education programme has been launched. The idea is to bring matters to the notice of the District Attorneys Fraud Unit. Launched in January 2006 it has already investigated 25 reports related to real estate fraud. This month one Yrays Cruz was taken into custody and charged with forgery, grand theft and wrongful use of personal identification information.

The unit not only investigates and prosecutes but also warns people when they are at risk and what they can do to avoid becoming a victim. Among those in financial distress the worst affected are the poor, elderly and unsophisticated – especially those not fully conversant with English.
Residents are warned about the pitfalls in sub-prime lending practices. The original purpose of the latter was to help those with bad credit to become house owners. But by hurting those it aimed to help, has defeated the very purpose. For sometime the monthly repayments were reasonable but soon interest rates began to fluctuate and went beyond the capacity of the borrowers. It led to one foreclosure after another.

Those facing foreclosure should be made aware of certain cardinal points. First be sure that the agent has a validated license. Never transfer ownership without reading and understanding the contract. The contract must be in writing and explained in a language understandable to the owner and include the name, telephone number and address of the provider (of sales or service) the exact amount to be received or paid, the services to be provided and all the chargeable fees. Each agreement must show clearly that the owner has a right to cancel and also delineate the procedure of cancellation. During the cancellation period, (date to be clearly stated) the unit cannot be sold or transferred and must be free from legal and financial obligations. The contract must be signed before agreeing to sign any documents of transfer. Insist on a copy of the contract. For more detailed information the affected may contact the relevant authorities.

Fraud unit of District Attorney – (559) 7333-660 ext. 213/www.datulareco.org/The California Department of Real Estate – www.dre.ca.gov./US department of housing and urban development – www.hud.gov./US department of veteran affairs - www.homeloans.va.gov.

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