Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Tuesday, August 29, 2017
New Illinois Law Aims To Provide Some Protection For Aspiring Homebuyers Targeted By Sleazy Real Estate Operators With Rent-To-Own, Contract For Deed Ripoffs
The Pekin Daily Times reports:
A measure sponsored by two Peoria lawmakers would offer new protections for people who enter into “rent-to-own” leases.
Gov. Bruce Rauner signed Senate Bill 885 on Friday. It’s designed to regulate contract-for-deed sales in which individuals gradually build up equity in a home with their monthly rent payments to the owner, eventually becoming the property owner themselves.
State Sen. Dave Koehler and state Rep. Jehan Gordon-Booth, both Peoria Democrats, said that the aim is to prevent people — particularly in now-income areas where people might have difficulty getting traditional bank financing — from being taken advantage of by unscrupulous sellers.
“Deceptive lending practices are a recipe for financial disaster,” Koehler said Friday night. ”‘Rent-to-own’ leases are often misleading and will hit consumers with ballooning costs and hidden fees. This new law brings transparency to consumers and guarantees they are armed with enough information to make a well-informed decision.”
The legislation requires individuals selling three or more homes on a contract-for-deed basis — effectively limiting it to people who are in the business of such sales — provide buyers with an amortization schedule so they know how quickly they are building up equity in the home, and lays out the process for foreclosure more strictly.
The bill passed both houses of the Legislature unanimously, and was the product of lengthy negotiation with groups representing real estate agents, lending organizations, affordable housing agencies and the state attorney general’s office.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
<< Home