Home Equity Act

[Tony Alvarez]

"1695. (a) The Legislature finds and declares that homeowners whose residences are in foreclosure have been subjected to fraud, deception, and unfair dealing by home equity purchasers. The recent rapid escalation of home values, particularly in the urban areas, has resulted in a significant increase in home equities which are usually the greatest financial asset held by the homeowners of this state. During the time period between the commencement of foreclosure proceedings and the scheduled foreclosure sale date, homeowners in financial distress, especially the poor, elderly, and financially unsophisticated, are vulnerable to the importunities of equity
purchasers who induce homeowners to sell their homes for a small fraction of their fair market values through the use of schemes which often involve oral and written isrepresentations, deceit, intimidation, and other unreasonable commercial practices."


For the FULL version of the Home Equity Act, click BELOW
www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1695-1695.17