U.S. Congress - S.2888 Foreclosure Rescue Fraud Act of 2008
S.2888 - Foreclosure Rescue Fraud Act of 2008
A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. view all titles (2)
All Bill Titles
- Short: Foreclosure Rescue Fraud Act of 2008 as introduced.
- Official: A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. as introduced.
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Committees
Official Summary
4/17/2008--Introduced.Foreclosure Rescue Fraud Act of 2008 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding poOfficial Summary
4/17/2008--Introduced.Foreclosure Rescue Fraud Act of 2008 - Prohibits a foreclosure consultant from:
(1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for;
(2) holding power of attorney from any homeowner, except to inspect documents;
(3) receiving consideration from a third party in connection with services rendered to a homeowner by such third party with respect to the foreclosure, unless such consideration is fully disclosed in writing before such services are rendered;
(4) accepting any wage assignment, lien, or other security to secure compensation for services rendered regarding foreclosure of the residential real property; or
(5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted. Sets forth contract requirements. Permits a homeowner to cancel such contract without penalty or obligation. Declares void and unenforceable:
(1) any waiver by a homeowner of the protections provided in this Act; and
(2) any contract that does not comply with this Act. Requires a loan servicer to notify a homeowner of the dangers of fraudulent activities associated with foreclosure if the servicer finds that the homeowner has failed to make two consecutive payments on a residential mortgage loan and such loan is at risk of foreclosure. Subjects any foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and attorneys' fees. Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.
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Recent Blog Coverage
S.2888: Law Student Clinic Participation Act of 2009 - U.S. ...
30, to act on S.2888, Law Student Clinic Participation Act. In his December 2009 news release announcing the bill's introduction, Sen. Ben Cardin (D-MD) cited the most compelling... […] Carter Wood; A Senate Judiciary hearing on honest ... Source: Ov
Real Estate Blog - Florida Documentary Stamp Tax and Short Sales ...
Federal legislation is currently being drafted called the âForeclosure Rescue Fraud Act of 2008â (S. 2888) which has one very onerous clause that sums up the intent of the legislation â âA Foreclosure Consultant is ANYONE who delays or
If you work with Foreclosure Properties in Florida Please READ ...
Federal legislation is currently being drafted called the âForeclosure Rescue Fraud Act of 2008â (S. 2888) which has one very onerous clause that sums up the intent of the legislation â âA Foreclosure Consultant is ANYONE who delays or
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