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Fri October 16, 2009
Mich. legislation aims to stop foreclosure scams
LANSING, MI – Democratic lawmakers say Michigan needs legislation to stop scam artists from taking advantage of homeowners at risk of foreclosure.
Bills being introduced by Democrats in the state Senate would create protections designed to ensure loan modification consultants do business legitimately. The measures also would require lenders to notify homeowners when they sell their mortgage to a third party and to post loan modification criteria online.
The number of U.S. households caught up in the foreclosure crisis rose more than 5% from summer to fall. Michigan still ranks among the top 10 states in home foreclosures.
Democrats announced the bills Friday. They urged homeowners to call the state at (877) 999-6442 if they are suspicious about a foreclosure rescue offer.