NJ Cracks Down On Foreclosure Relief Scams

Law360, New York (May 8, 2013, 6:09 PM EDT) -- The New Jersey Department of Banking and Insurance is moving forward with new licensing, reporting and recordkeeping regulations for mortgage foreclosure consultants, as envisioned by a 2011 law intended to battle foreclosure rescue scams in the state.

A rule proposal published in the state Register on Monday spells out compliance standards for mortgage foreclosure consultants, who charge owners of distressed residential properties for services that are supposed to stop foreclosure sales, secure mortgage forbearance agreements and provide other relief.

Based on the Foreclosure Rescue Fraud Prevention...
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