U.S. Congress - H.R.1231 Foreclosure Rescue Fraud Act of 2009
H.R.1231 - Foreclosure Rescue Fraud Act of 2009
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 2009 as introduced.
- Official: To protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. as introduced.
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Official Summary
2/26/2009--Introduced.Foreclosure Rescue Fraud Act of 2009 - 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
2/26/2009--Introduced.Foreclosure Rescue Fraud Act of 2009 - 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
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H.R.1231: Reversing President Obama's Offshore Moratorium Act ...
Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build pub
Foreclosure Rescue Fraud Crackdown | Review
Referred to the House Power and Commerce Committee, the Foreclosure and Rescue Fraud Act of 2009, H.R. 1231, would stipulate related law only at the federal level. It has yet to be released from the committee whose duty is to refine, ...
Message to California State Bar Chief Trial Counsel, Scott Drexel ...
In addition to discussing the challenges in reducing these scams, witnesses were also asked to comment on HR 1231, the Foreclosure Rescue Fraud Act of 2009, introduced by Rep. Gwen Moore, D-Wis. Most witnesses were in favor of the bill, ...
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