Legal Question in Real Estate Law in California
Realtor pre foreclosure fraud to aquire our deed, equity skimming?
We have a clear case of a realtor posing as an investor taking advantage of our pre foreclosure status, lying about our options, giving fraudulant info about our property and getting us to panic and sell to him. we found out two days later that we had signed a transfer of title over to him but we still owe the mort. He controlled the whole transaction and never reveled that he was a realtor acting for himself in this purchase. His broker fired him. He started own co. and is evicting us. Our lawyer says to give him all his money back and to sign a leg statemnt that we wont sue him in order to get our deed back. We dont have all the & now due to atty fees etc.Is our atty acting in our best intrest? Seems like he is on the other side. email [email protected] more info. HELP URGENT
2 Answers from Attorneys
Re: Realtor pre foreclosure fraud to aquire our deed, equity skimming?
There are very stringent rules regarding the purchase of equity from people facing foreclosure. Furthermore, the fact that the broker fired him does not take away the broker�s responsibility. Without knowing all of the facts, it is difficult to provide a complete answer. It sounds as if you have been defrauded, that you would have a defense in an eviction proceeding, and would have a couse of action for fraud, along with punitive damages, in a suit against the real estate agent and his employing broker.
Also, the real estate agent cannot �start his own company� unless he has a broker�s license, as opposed to a real estate salesperson�s license. Call me this afternoon if you wish.
Ken Koenen
Attorney at Law
5776 Stoneridge Mall Rd., #350
Pleasanton, CA 94588
Office: 925-924-0100
Fax: 925-397-3044
Re: Realtor pre foreclosure fraud to aquire our deed, equity skimming?
Seems like the realtor may have violated the "Mortgage Forclosure Consultants" provisions starting with Civil Code section 2945 et. seq. He also may have violated the ethical rules which real estate agents are required to follow in California. There are severe penalties for violating these laws and rules including potential revocation of the agent's real estate license. I would need to know more details to determine if there in fact has been a violation. Please fell free to call me at 310-273-6304.
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