YOU SHOULD URGENTLY REVIEW THE TEMPORARY RELIEF AVAILABLEUNDER STATE OF CALIFORNIA LAW BELOW!
THIS DOCUMENT IS CURRENT THROUGH 2009-2010 EXTRAORDINARYSESSIONS 1-5, ****** AND 7, AND URGENCY LEGISLATION THROUGH CH 8 OF THE 2010REGULAR SESSION ****** AND CH 8 OF THE 2009-2010 8TH EXTRAORDINARY SESSION ***
CIVIL CODEDivision 3. ObligationsPart 2. ContractsTitle 5. Extinction of ContractsChapter 2.5. Home Equity Sales Contracts
GO TO CALIFORNIA CODES ARCHIVE DIRECTORY
Cal Civ Code § 1695 (2009)
§ 1695. Legislative findings and declarations; Intent and purposes of chapter (a)
The Legislature finds and declares that homeowners whose residencesare in foreclosure have been subjected to fraud, deception, and unfair dealing
by home equity purchasers
.The recent rapid escalation of homevalues, particularly in the urban areas, has resulted in a significant increase inhome equities which are usually the greatest financial asset held by thehomeowners of this state. During the time period between the commencement of foreclosure proceedings and the scheduled foreclosure sale date, homeownersin financial distress, especially the poor, elderly, and financially unsophisticated,are vulnerable to the importunities of equity purchasers who induce homeownersto sell their homes for a small fraction of their fair market values through the useof schemes which often involve oral and written misrepresentations, deceit,intimidation, and other unreasonable commercial practices.
The Legislature declares that it is the express policy of the state to preserveand guard the precious asset of home equity, and the social as well as theeconomic value of homeownership.