Maine Passes Legislation Regulating Foreclosure Rescue

Buried in a recent story reported in Foster's Daily Democrat is the following blurb on recent legislation passed in Maine:

• In consumer issues, homeowners facing foreclosure get new protections from predatory lenders. The law targets practices such as purchasing titles for far less than fair market value, then creating contract provisions that make it impossible to repurchase the property.

For the article, see Dozens of Maine laws enacted.

For the Maine statute, including a summary of the new law, see An Act To Protect Homeowners from Equity Stripping during Foreclosure (or go here for .pdf version).