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San Diego County, a place where hundreds of people have been victimized by fraudulent real estate transactions, is taking some action to stem the tide of bogus dealings.
Recently a $2 recording fee, established by state legislation, has been levied on certain real estate documents. The half million dollars per annum raised will be earmarked to help prosecute real estate fraud via a special unit dealing solely with such matters. The three-year project will be reviewed annually by the Board of Supervisors.
The additional manpower the new unit will bring comes at a good time. There are currently 25 investigations that involve about 200 victims and a total loss of $10 million. Now, anytime a financing document is recorded, either to purchase a home, obtain a home-equity loan or refinance a home loan, the $2 assessment will be charged. Other sources of the special fee include assignments of trust deeds, reconveyance of a trust deed, notice of defaults and special notices.
The District Attorney’s office is planning to direct some of the collected fees toward preventive medicine for the community. Funds will be used for public education, presentations in the community, videos and brochures..
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