Legislation Outlawing Foreclosure Rescue Scams To Become North Carolina Law
North Carolina Governor Beverly Perdue signed into law the Homeowner and Homebuyer Protection Act. The Act is intended to provide important protections to those at risk of losing their homes to foreclosure. Such distressed homeowners are too often victimized by foreclosure rescue scams. The Act provides that it is unlawful for any party to carry out a foreclosure rescue transaction for financial gain unless at least 50% of the fair market value of the property, as determined by a licensed appraiser, is paid by the transferee to the transferor. This prohibition applies to all financial rescue transactions other than certain exempt transactions such as those involving a member of the homeowner’s immediate family, a governmental agency or organization, or a bank or lender. The new law is codified as Article 6 of Chapter 75 of the North Carolina General Statutes. A copy of the Act is attached hereto. A violation of the Homeowner and Homebuyer Protection Act would be deemed an unfair trade practice, entitling a person victimized by a foreclosure rescue scam to treble damages.
Share ThisFOR FREE No Win, No Fee
Review Us
“Forest, once again, my family and I thank you for obtaining another settlement on behalf of my Father. It’s almost uncanny that these checks seem to come at very opportune times. This one comes as we are expecting our fourth grandchild. It will provide her some sound footing towards her future college education, plus help Mom and Dad with the medical expenses. Sometimes, I think my Dad is helping you guys with this. Maybe so. Anyway, thank you again for your hard work.”
Contact Our North Carolina Personal Injury Law Firm
for a Consultation for Your Accident or Medical Malpractice Claim
FOR FREE No Win, No Fee
The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.