Short Sales And Subject Tos
I am just starting back up in this stuff after 10 yrs from doing things like this.
But can the Senior people here read this CA code and tell me why short and subject tos are not illigal in CA per this CA code??? That is in the foreclosure time frame.
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SKI
It will not let me post the URL so I will state the CA code.....CIVIL CODE
SECTION 1695-1695.17
Here is the main first part......
1695. (a) The Legislature finds and declares that homeowners whose
residences are in foreclosure have been subjected to fraud,
deception, and unfair dealing by home equity purchasers. The recent
rapid escalation of home values, particularly in the urban areas, has
resulted in a significant increase in home equities which are
usually the greatest financial asset held by the homeowners of this
state. 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.
(b) The Legislature declares that it is the express policy of the
state to preserve and guard the precious asset of home equity, and
the social as well as the economic value of homeownership.
(c) The Legislature further finds that equity purchasers have a
significant impact upon the economy and well-being of this state and
its local communities, and therefore the provisions of this chapter
are necessary to promote the public welfare.
(d) The intent and purposes of this chapter are the following:
(1) To provide each homeowner with information necessary to make
an informed and intelligent decision regarding the sale of his or her
home to an equity purchaser; to require that the sales agreement be
expressed in writing; to safeguard the public against deceit and
financial hardship; to insure, foster, and encourage fair dealing in
the sale and purchase of homes in foreclosure; to prohibit
representations that tend to mislead; to prohibit or restrict unfair
contract terms; to afford homeowners a reasonable and meaningful
opportunity to rescind sales to equity purchasers; and to preserve
and protect home equities for the homeowners of this state.
(2) This chapter shall be liberally construed to effectuate this
intent and to achieve these purposes.
It seems folks if you are doing short sales and subject tos it is illegal!!!
Howard