Sunday, December 24, 2006

New York Passes Home Equity Theft Prevention Act

Legislation regulating the industry that is referred to as either the "foreclosure rescue", “foreclosure assistance”, or "foreclsoure bailout loan" industry – companies that target financially strapped people in foreclosure and promise to rescue them from losing their homes, was passed in New York this summer, according to this article and summary of the new law written by attorney Kirsten Keefe of the Empire Justice Center, a statewide, non-profit law firm in New York represnting poor and low income people on a wide variety of issues.

The legislation was signed into law on July 26, 2006 and will go into effect on February 1, 2007.

For a copy of the New York's Home Equity Theft Prevention Act, click here. (Then, click link for "Laws of New York," then scroll down and click link for "RPP" - Real Property, then click link for "Article 8" - Conveyances and Mortgages, then scroll down and click link for "265-A" - Home equity theft prevention.).

For two examples of the types of cases that led to the passage of the New York law, click here or here.

See 1-12-07 Post For Updated Information On This New Law.

revised 1-12-07

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