Mortgages : Mortgage Foreclosure Rescue Schemes Banned in Massachusetts
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Total Bankruptcy
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Mortgages
Blogged date : 2007 Jun 06
Just five days ago, Massachusetts banned mortgage foreclosure rescue schemes with an emergency measure that will last for 90 days as the foreclosure rate continues to surge throughout the state. Foreclosure rescue schemes typically involve for-profit lenders promising help to people who need to stop foreclosure and actually taking possession of homes through manipulative means. Massachusetts Attorney General Martha Coakley was described in a Reuters story as saying that these foreclosure rescue scammers make a bad situation even worse and that the emergency measure is the best way to protect homeowners in the meantime. The story added the state legislature would have to approve a permanent ban on foreclosure rescue schemes in Massachusetts.
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