Legalities to Keep in Mind when dealing with Foreclosures

Hi everyone,

When I’m sending out letters and contacting the seller, what kind of legal issues should I be aware of so that I don’t do or say something that is illegal?

I live in California by the way.

visit; it is heavily visited by Calif investors. On the left side check out, for info on codes. I know section 1695 is a very important one with respect to EPA of preforclosures.

Mike in Calif.

Its not my personal site; I’m just a frequent visitor there. TONS of good, real world info on Calif foreclosure procedures

Thanks for the link.

There sure is a lot to read there, especially the different codes.

Can you briefly tell me in a nutshell, what I can and cannot say to someone who is under preforeclosure when I’m trying to get a contract signed?

#1 - be honest.
let them know that they have a 5 day right of recission in CA. it must be all spelled out in the contract. if you email me offline, i will be able to provide you with a sample contract with the correct statement already included in the contract. (always have legal counsel review any contract before you use it)

#2 - find out how you can help them.

#3 - you can tell someone anything you would like. but makesure you can fullfill your obligations. review section 1695.

#4 - keep the homeowners interests as priority #1. your interests should always come last if you want to truly serve someone and make a difference.

#5 - serve the homeowners needs.

Thanks for the reply. I would really appreciate getting a copy of your contract for me to take a look at. I’m under the understanding that it must be an Equity Purchase Contract which is different than the regular purchase contract.

I forgot to ask you what your e-mail address was. :o

His e-mail is at the bottom of his post…in the Member Default Area…



Thanks Keith.

You’re welcome “Homer”…LOL


That’s not a bad website, would anyone happen to know if there’s a simlar one for New York State?