Local Government: Riverside County, California
Date Created: 02/20/09
Last updated: 02/20/09
Riverside County, CA to Hold Public Hearing of Resolution Authorizing Increase to Fees for the Real Estate Fraud Prosecution Trust Fund
The Board of Supervisors will consider Resolution 2009-025 authorizing an increase to $3.00 for the Real Estate Fraud Prosecution Trust Fund. With the slowdown in the housing market and the financial crisis, real estate fraud investigations are expected to increase in Riverside County. The increase in
foreclosures in Riverside County has led to a proliferation of unscrupulous people
violating foreclosure consultant laws. Vulnerable homeowners are increasingly relying
on the services of foreclosure consultants who advise the homeowner. Foreclosure
consultants represent that they can assist homeowners who have defaulted on
obligations secured by their residences. These foreclosure consultants, however, often
charge high fees and make false promises, but perform no service or essentially a
worthless service causing homeowners to lose their homes.
Additionally, during the time period between the commencement of foreclosure
proceedings and the scheduled foreclosure sale date, homeowners in financial distress,
especially the poor, elderly, and financially unsophisticated, are vulnerable to the
importunities of equity purchasers who induce homeowners to sell their homes for a
small fraction of their fair market values through the use of schemes which often involve
oral and written misrepresentations, deceit, intimidation, and other unreasonable commercial practices. The enforcement of the criminal statutes that outlaw these
unscrupulous activities is necessary to promote public welfare. Compliance with these
laws will ensure that each homeowner is provided with information necessary to
make an informed and intelligent decision regarding the sale of his or her home to an
equity purchaser; safeguard the public against deceit and financial hardship; insure,
foster, and encourage fair dealing in the sale and purchase of homes in foreclosure;
protect against misleading representations resulting in unfair contract terms; and
preserve and protect home equities of homeowners in Riverside County.
Issue History
| 02/20/09 | The Board of Supervisors will hold a public hearing of the resolution at the 2/24/09 meeting.
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