Financial Document Translation Services
Earlier we blogged about how legal document translations protect foreign language-speaking Californians. Similarly to California Code section 1632, California has also adopted an analogous law to protect foreign language speakers from fraudulent lending schemes occurring in the mortgage industry. According to SB 1609, the general requirements for foreign language translations of contractual agreements found in Code section 1632 also apply to reverse mortgage transactions. Thus, according to the terms of 1609, a foreign language translation of the reverse mortgage contract must be provided in the language, in which the reverse mortgage is primarily negotiated.
The purpose of this law is to protect non-English speakers from becoming victims of mortgage fraud. The law essentially creates a ground for litigation whenever the lender fails to provide the requisite foreign language translation of the reverse mortgage agreement.
Without translation, the reverse mortgage agreement will be found void, most likely on the grounds of fraudulent inducement.