New Jersey Legislature Targeting Foreclosure Rescue Scams

The introduction of a two-bill package aimed at mortgage and foreclosure abuses is on the agenda in the New Jersey legislature, according to PoliticsNJ.com. One bill would counteract foreclosure rescue scams that have been on the rise across the country. The other is aimed to better protect consumers who might be tempted to sign onto mortgages with tantalizingly low initial interest rates - "teaser rates" - that balloon to unaffordable levels in a few short years, forcing bankruptcies for borrowers. For more, see Two-Bill Package Crafted to Protect Consumers from Fallout of Subprime Mortgage Meltdown.

For more information on legislation being considered in New Jersey aimed at foreclosure rescue fraud, check New Jersey Legislature for:

• Assembly Bill A4214 - "Foreclosure Rescue Fraud Prevention Act"
• NJ Senate Bill S2699 - "Foreclosure Consulting and Anti-Fraud Act"

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