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Application of CC§1695 and CC§ 2495

Posted by Ward-CA- on August 29, 2003 at 9:10 AM

In Reply to: CA Civil Code on Foreclosures posted by Kevin on August 29, 2003 at 0:15 AM

:
: In the article on this site "Foreclosure Risk Factors" (http://www.foreclosureforum.com/articles/0303riskfactors.html), two links are provided to CA civil code on foreclosure:

: http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=civ&codebody=1695

: and

: http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=civ&codebody=2945

: In each of these sections of code, it APPEARS as if there is a requirement to hold a CA RE license in order to deal in foreclosures! That can't be a correct interpretation, can it?

: Thanks!

: Kevin

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

Kevin,

Our Civil Code Sections 1695.15 & 1695.17 pertain to buying a defaulting home owner's home before the foreclosure auction, with the intent of flipping it to someone else for a profit. If you engage in such activity directly yourself you have no worries about having a real estate license.

Where the license requirement comes in is if you have someone else going out negotiating the purchase with the home owner on your behalf. Then your negotiator needs a license and must be bonded with a surety insurer for an amount twice the value of the homeowner's property.

The other code you mentioned, Civil Code Section 2945, deals with being a foreclosure consultant.. That's someone who charges an advance fee (in the form of cash or a trust deed or a deed) for providing a "service" of some sort to the defaulting homeowner before the sale.

So to make sure that Section 2945 doesn't apply to you just don't collect any fee for doing anything for a defaulting homeowner prior to the sale.

Hope this helps.


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