Our local State Senator, Dennis Hollingsworth, has introduced a bill (SB 1287) that would mandate that our county notify property owners when changes are made to their property deeds. If you've followed my fraud blogs for awhile, you know we have had a tremendous problem in our little corner of the world with mortgage fraud scamsters costing individuals 10's of millions of dollars and defrauding banks out of 100's of millions. 80% of our home sales are bank-owned properties and the number of newly foreclosed homes has exceeded the number of homes sold for the past several months.
Dennis has been a good friend to Realtors since his election to the Assembly 6 years ago. He has carried several pieces of legislation on behalf of the California Association of Realtors and has a keen understanding of private property rights. The only problem with Dennis is that he's a Republican in a statehouse that has been the playground of liberal Democrats for years so his effectiveness is sometimes tempered by this unfortunate fact.
While this bill applies only to Riverside County at this time, Federal legislation like this would drastically reduce the number of fraudulent deed transfers and make it much more difficult for predators to take advantage of people through foreclosure rescue scams and elder abuse reverse mortgage scrams. I'll keep you informed on the progress of this bill as it clears the liberal hurdles in our legislature.
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| Hollingsworth Bill to Crack Down on Real Estate Fraud Passes First Test Senator Hollingsworth's Senate Bill 1287 cleared its first committee test today, passing out of the Senate Judiciary Committee on a unanimous vote. The bill seeks to curb real estate fraud by allowing Riverside County to implement a fraud alert program that notifies property owners when changes are made to their property deed. Hollingsworth introduced SB 1287 after Riverside County property owners experienced at least 300 incidents in the past three years where forged deeds were recorded against their properties without their knowledge or consent. The majority of these individuals did not know they had been victimized until they were notified by law enforcement or tried to sell or refinance their property and found that it had been sold out from under them. In particular, seniors have been victimized by these fraudulent tactics. One Riverside County victim is an ailing 77-year-old woman who was living in her residence when her home was sold without her knowledge. She was only alerted to the scam when she received a letter from her mortgage holder congratulating her on selling her home and paying off the mortgage. "Real estate fraud is a growing problem in Riverside County that needs to be addressed by the state legislature,"said Senator Dennis Hollingsworth. "SB 1287 will help head the problem off by ensuring that property owners are alerted when actions are taken that may adversely affect their interest in their property." Dennis Hollingsworth represents the 36th Senate District. The district includes Southwest Riverside County, North and East San Diego County, and portions of the City of San Diego.
Gene Wunderlich - Selling Southwest California Homes including Murrieta, Temecula and the Southern California Wine Country. Realtors are part of the solution - not part of the problem. Make it so.
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LA County has this already--for years. I am surprised that your county is just now getting around to it! But it's a good thing!
Forgot to invite you to my group!
Real Estate Fraud, Scams, and Ponzi schemes REPORT THEM HERE
http://activerain.com/groups/FraudAlert
Fraud hurts so many people on so many levels-it hurts us all in one way or another.
To help combat this disease, I created thi group.
Please feel free to post you any fraud, scams you come across!