Massachusetts Attorney General Martha Coakley imposed new emergency regulations to curtail “foreclosure rescuers” who have been accused of cheating consumers out of their homes, the Boston Herald reported June 1, 2007.
The regulations would bar so-called “foreclosure rescuers” from making profits on homeowners struggling to afford their mortgage payments.
The new regulations do not apply to non-profit groups or family members who step in to try to help people burdened with mortgages they can't pay.
“'These ‘rescuers’ take a bad situation - foreclosure - and make it worse by liquidating any remaining equity in the homes,' Coakley said in a statement."
For More Information on Massachusetts Real Estate, please visit MassHomeBuyerGuide.com
I am an exclusive buyer agent (and lawyer) in Haverhill Massachusetts. I help consumers buy homes in Essex and Eastern Middlesex counties. For more information visit: http://www.buyersbrokersonly.com
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Richard,
Many states are now trying to curtail these rescuers from gaining any more traction. They sure are popping up like mushrooms after a rain. It's hard enough on a homeowner nearing foreclosure to deal with that emotional pressure and then he has to battle these sly rescuers who obviously have no morals.