Foreclosure Fraud Bill OK'd

Miami Herald (05/02/08); Hatcher, Monica
Florida's Senate has passed a bill that requires foreclosure "rescue" companies to disclose in their contracts that a homeowner may be selling his or her property. Homeowners would get a day to consider the contract before signing it and three days to back out of the agreement. An increasing number of troubled homeowners in the state have been duped into signing over their properties to foreclosure consultants who then turn around and sell the property for profit; or they have been charged high fees to get their homes back. Florida's House passed the fraud bill earlier in the session, and Gov. Charlie Crist is expected to sign it into law.