Latest Headlines on OCRegister.com
[x] Close
Huntington Homes ~ Huntington Beach Real Estate Information
« Previous Post
Next Post »

Real estate regulators flooded with complaints

November 5th, 2009, 5:00 pm · 1 Comment · posted by Jeff Collins

davi1State real estate regulators are being inundated with complaints about real estate professionals and loan modification scams, the head of the California Department of Real Estate told Realtors in Surf City Wednesday.

Jeff Davi, the state real estate commissioner, stopped off at the Meadowlark Golf Course to update members of the O.C. Coastal Women’s Council of Realtors on how the housing slump and the state budget crisis is affecting his department.

He said that there are more than 1,340 open investigations into loan modification scams alone, compared to just 10 a little more than a year ago. His department issued more than 300 desist-and-refrain orders just to suspected loan mod outfits, he added. Normally, the department issues no more than 100 desist-and-refrain orders of all types.

To read more, CLICK HERE!

.

Latest on homes on the market:

Latest on foreclosures:

Latest on mortgages:

Share this post:
  • email
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • NewsVine
  • TwitThis
ADVERTISEMENT

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Reader Comments
Comments are encouraged, but you must follow our User Agreement.
  1. Keep it civil and stay on topic.
  2. No profanity, vulgarity, racial slurs or personal attacks.
  3. People who harass others or joke about tragedies will be blocked.

 One Comment

  • ocexpat1 says:
    November 23, 2009 at 6:32 am

    I’ve been in the mortgage business nearly 30 years. Currently one of my jobs is to review complaints. At most possibly 5% of the complaints I see actually have a basis in fact. Most are made up by the complainer or their representatives. Folks, neither the fact that you lost your job, nor lied about your income to get your loan, nor have had a property drop in value gives you an automatic right to cancel or modify your loan. Finally, if you’ve been making payments on your loan for some time (years, maybe) then please do not demand “proof there is an actual obligation.” If you didn’t think you had an obligation to pay, why did you send those payment checks?