New Hampshire Senate Passes Foreclosure Rescue Legislation

New Hampshire Business Review reports:

• "In a 23-0 vote, the Senate passed a bill May 31 that would regulate mortgage foreclosure consultants, some of whom offer to “help” those facing foreclosure by getting them to sign over the deed of their house for a rental purchase agreement. Theoretically under such agreements, the homeowner would be able to gain the equity back while living at the home, but because of undisclosed terms, the victim could end up losing the house anyway — and go deeper in the hole as well. As amended in the Senate – at the request of the Banking Department — House Bill 365 would increase disclosure requirements, allow cancellation requirements and implement civil and criminal penalties, including forcing violators to repay equity to the homeowner.

I suspect that House Bill 365 will shortly be going to the Governor to be signed into law. For more, see State House wrap-up: Foreclosure ‘rescues’ targeted.