Unscrupulous and deceptive individuals or "services" are actively seeking people in financial binds due to the current swing in real estate values and financing. Homeowners in financial distress, especially the poor, elderly, or financially unsophisticated are vulnerable to deception and unfair dealing by overly opportunistic foreclosure "consultants" and purchasers who induce homeowners to sell their homes for a small fraction of the fair market value through the use of schemes which often involve oral and written misrepresentations, deceit, intimidation and a myriad of unfair practices. Non-English speaking homeowners who are in these circumstances are particularly at risk.

California has experienced a three year period of prosperity for those seeking to buy real estate. Lenders offering little or no down payment, have proven to be almost irresistible. Some lenders have used creative financing, one of which is the subprime loan, to qualify potential home buyers. Many new homeowners who had been provided with reasonable monthly payments for a short period of time are now finding themselves converted from a fixed payment to a much higher adjustable rate. Homeowners used to a comfortable spending cycle are now seeing a large increase in their monthly mortgage payments and a spike in interest rates. With these creative financing schemes coupled with those who lack financial sophistication, a number of Californians and some Tulare County residents are finding they cannot afford their payments. There has been almost a three hundred percent increase in notice of defaults and actual foreclosures. This onslaught is not likely to subside in the near future.

The Tulare County District Attorney’s Office Real Estate Fraud division may be contacted at any time at (559) 733-6600 ext. 213. More information can be obtained by contacting the District Attorney’s Real Estate fraud and foreclosure outreach program (559) 733-6600 ext. 213 attention District Attorney Investigator Dwayne Johnson or log on to www.da.tulareco.org.