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Posted by Deb (again) on February 23, 2006 at 14:59:33:
In Reply to: What is California after foreclosure redemption time period? posted by Deb on February 13, 2006 at 21:48:41:
And now read this excerpt from California Civil Code 1695.13, .14, and .8 taken from http://caselaw.lp.findlaw.com/cacodes/civ/1695-1695.17.html
"1695.13. It is unlawful for any person to initiate, enter into, negotiate, or consummate any transaction involving residential real property in foreclosure, as defined in Section 1695.1, if such person, by the terms of such transaction, takes unconscionable advantage of the property owner in foreclosure.
1695.14. (a) In any transaction involving residential real property in foreclosure, as defined in Section 1695.1, which is in violation of Section 1695.13 is voidable and the transaction may be rescinded by the property owner within two years of the date of the recordation of the conveyance of the residential real property in foreclosure. (b) Such rescission shall be effected by giving written notice as provided in Section 1691 to the equity purchaser and his successor in
interest..."
And just as an exclamation point at the end of that sentence, here's another 'sentence':
"1695.8. Any equity purchaser who violates any subdivision of Section 1695.6 or who engages in any practice which would operate as a fraud or deceit upon an equity seller shall, upon conviction, be punished by a fine of not more than twenty-five thousand dollars ($25,000), by imprisonment in the county jail for not more than one year, or in the state prison, or by both that fine and imprisonment for each violation."
Sheesh,
Deb
