Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Thursday, August 09, 2012
California Sets Record For Number Of R/E License Revocations; Foreclosure Rescue, Short Sale Scams Played Big Role In Increase In Disciplinary Actions
From the California State Department of Real Estate:
The California State Department of Real Estate (DRE), which is responsible for licensing and regulating the activities of real estate brokers and salespersons, reported [] that it revoked a record number of real estate licenses in the last fiscal year.
The DRE also accepted a record number of license surrenders from licensees facing disciplinary action. All told, a record 1,109 licenses were suspended, surrendered and revoked in Fiscal Year 2011/12, which ended June 30, 2012.
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The collapse of the real estate market clearly contributed to the record number of disciplinary actions. With the large number of financially stressed homeowners, the table has been set for scammers involved in foreclosure rescue and short sale scams.
With respect to foreclosure rescue scams, since 2010 the DRE has filed nearly 500 accusations and Desist and Refrain Orders against nearly 1,400 respondents who were involved specifically in illegal foreclosure rescue and short sale scams.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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