Welcome to the Legal Section of C.A.R. Online, where REALTORS® legal needs are met with the latest information and legal updates. Look below for the latest legal news during the last two weeks. You'll see Regulatory News, new Realegals®, and What's Hot announcements.
Scam Watch The "Scam Watch" feature will provide you with a summary of all the latest short sale and foreclosure scams. Included is a "Scam Resources" feature to provide you with tools to assist your clients in avoiding scams. Check back frequently since this feature is updated on a regular basis.
Attorney Outreach Calendar C.A.R. attorneys visit real estate offices and local associations throughtout the state providing an opportunity for a live discussion of current legal issues as well as training sessions on the use of new C.A.R. standard forms.
Aug. 13, 2014 What's New: Kevin Lauricella, 29, of Thousand Oaks, a former Bank of America employee was sentenced to 30 months in federal prison for taking more than $1.2 million in bribes to approve artificially low-price short sales of properties on which the bank held mortgages. In addition to the 2½-year prison term, Judge Wright ordered Lauricella to pay $5.7 million restitution to Bank of America and to forfeit his residence, which had been purchased with some of the bribe money.
Aug. 13, 2014 What's New: Federal agents arrested three defendants who worked at Orange County, Calif., businesses that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the fraudulent scheme allegedly run as U.S. Homeowners Relief and several related entities, hundreds of financially distressed homeowners across the United States lost millions of dollars, and many victims also lost their homes in subsequent foreclosure proceedings.
Aug. 13, 2014 What's New: A federal jury in Manhattan found Bank of America, N.A. and its predecessors, Countrywide Financial Corporation and Countrywide Home Loans, Inc. (collectively, “Bank of America”), and Bank of America executive Rebecca Mairone liable for defrauding the United States by selling thousands of defective toxic loans to the government sponsored entities, Fannie Mae and Freddie Mac (the “GSEs”).
Aug. 13, 2014 What's New: Three charged with engaging in a mortgage modification scheme that defrauded over 8,000 homeowners in all 50 states out of over $18.5 million, in what is believed to be the largest mortgage modification scheme ever charged.
Aug. 7, 2014 (revised) Legal Article: This article discusses the current deed requirements, the differences between the various types of deeds, deed covenants, and certain special problems such as how to take joint title on a deed.
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