Looking to take a ride tomorrow if the rain stays away for a bit. Weather has been fantastic with the cloud coverage so I need to take advantage of it before a blessed busy weekend in Real Estate! Enjoy your weekend everyone.

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CONTACT: Tom Pool, (916) 227-0772

California Department of Real Estate 2201 Broadway Sacramento, CA 95818 (916) 227-0772 www.dre.ca.gov

Real Estate MATTERS!

Department of Real Estate Issues New Consumer Alert --

Special Warning to Spanish-Speaking Homeowners and Tips on Avoiding Scams

SACRAMENTO – The California Department of Real Estate (DRE) has issued a Consumer Alert to

help Spanish-speaking consumers avoid falling victim to foreclosure rescue scams. The DRE, whose

mission is to protect and safeguard the public interests in real estate matters, issued the alert in

response to the large number of cases that involve scammers who specifically target non-English

speaking homeowners in the Latino community.

“Based on the cases we prosecute, it is clear that Spanish-speaking fraudsters are targeting

homeowners by taking advantage of the culture of trust within the Latino community” stated Wayne

Bell, the DRE’s Chief Counsel and author of the special warning. The typical scam involves the

promise of a loan modification or other mortgage or foreclosure relief in exchange for an upfront fee,

but once the fee is paid little or nothing is done to help the homeowner.

The warning provides tips on how homeowners can avoid mortgage relief scams, which include:

Watch out for promises of guaranteed success. An ad on the television or radio, or in a

newspaper, magazine or on the Internet, does not mean that what is advertised is lawful or

truthful. No one can promise that a loan modification or other relief plan will be successful.

Do not place your trust in someone just because he or she speaks Spanish or may share the

same or a similar background with you. A scammer will use a similar background and ability to

speak your language to convince you to part with your money and/or property.

Never pay an upfront fee for loan modification services. Such fees are illegal.

Never pay in cash, or wire cash to anyone who offers you home loan relief. With extremely

limited exceptions, cash payments, and cash that has been wired, cannot be recovered. And

cash payments usually provide prosecutors with little or nothing in the way of proof of payment.

Never transfer or sign your home over to any third party or anyone else who claims that such a

transfer can or will help you repair your credit or keep you in your home. And do not make your

home loan payments to anyone except your lender.

Look into free personalized advice from housing agencies certified by the U.S. Department of

Housing and Urban Development that is available by calling 1-888-995-HOPE. Free guidance

is available online at www.hopenow.com.

Victims of a scam should contact the California Department of Real Estate by calling the department's

Spanish language call center at 213-576-6878, or its Mortgage Lending Activities unit at 916-227-0770.

For a copy of the alert and more information about DRE and its programs visit www.dre.ca.gov.