Are there any prominent recent/new changes in foreclosure laws that homeowners need to be aware of?
The rules regarding foreclosure purchases are changing. An increasing number of state attorney generals, legislators and community groups are trying to regulate subprime lenders and so called “foreclosure rescue specialists” who are engaged in home-stealing scams powered by fraud and deception. But some of these proposed new laws are so broad they may snare legitimate investors. State lawmakers have been busy crafting laws to stifle foreclosure rescue specialists, mortgage fraudsters and “equity-stripping” schemes, according to Peter G. Miller, author of The Common-Sense Mortgage. Recent examples of legislation addressing such issues can be found in California (Civil Code 2945), Illinois (SB 2349), Maryland (SB 761), Minnesota (325N ), New York (SB 4744) and Rhode Island (H 7650).
