Re: CA Foreclosure process
Posted by Paul on September 29, 2008 at 12:41:29:
In Reply to: Re: CA Foreclosure process
Posted by Paul on September 29, 2008 at 10:56:31:
The CA law also requires a real estate license to act as a foreclosure consultant.
>>>2945.11. (a) Any representative, as defined in subdivision (b) of Section 2945.9, deemed to be the agent or employee or both the agent and the employee of the foreclosure consultant shall be required to
provide both of the following:
(1) Written proof to the owner that the representative has a valid current California Real Estate Sales License and that the representative is bonded by an admitted surety insurer in an amount
equal to at least twice the fair market value of the real property that is the subject of the contract.
(2) A statement in writing, under penalty of perjury, that the representative has a valid current California Real Estate Sales License, that the representative is bonded by an admitted surety
insurer in an amount equal to at least twice the value of the real property that is the subject of the contract and has complied with paragraph (1). The written statement required by this paragraph
shall be provided to all parties to the contract prior to the transfer of any interest in the real property that is the subject of the contract.
(b) The failure to comply with subdivision (a) shall, at the option of the owner, render the contract void and the foreclosure consultant shall be liable to the owner for all damages proximately caused by the failure to comply.
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