As reported in the Delaware Cape Gazette and as a follow-up from my previous post: Delaware Gov. Jack Markell signed legislation on Oct 6th to protect Delaware homeowners who are at risk of foreclosure. House Bill 232 clarifies that companies that offer to negotiate modifications of secured debts are subject to provisions of the Mortgage Rescue Fraud Protection Act. This Act prevents companies from charging exorbitant up-front fees to homeowners in foreclosure in order to negotiate with loan servicers or lenders.
"Homeownership is good for families' personal finances, and it's good for our economy," Markell said. "It is important that we help homeowners stay in their homes and protect their most important asset, especially during this downturn in the national economy."
Attorney General, Beau Biden asserts this legislation makes it very clear that vulnerable homeowners are protected under the law from unfair and often predatory practices.
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