Industry News

Property foreclosure scam bill gets Illinois senate’s approval

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Legislation meant to protect struggling homeowners from crooks who promise financial help was approved Monday by Illinois lawmakers, Associated Press reported. The measure is meant to ensure that consumers struggling with mortgage payments don't fall victim to so-called "mortgage rescuers" - con artists who promise to rescue homeowners from foreclosure, reports said. In such scams, the "rescuers" do little for the money and sometimes strip the home of its equity, leaving the owner in even worse financial shape. The act would require consultants to detail in writing what they'll do for homeowners and would let homeowners cancel the contracts soon after signing, reports said. The Senate passed the legislation 51-0 Monday, reports said. It already had passed the House, so now it goes to the governor, according to reports. Illinois Attorney General Lisa Madigan recently has filed three lawsuits against companies accused of committing mortgage fraud, reports said. Madigan's spokeswoman, Mel...