Smart businessmen, like those in California, have turned the weak market into an entrepreneurial opportunity by buying units about to be foreclosed at rock bottom prices from the lender and repackaging the loan to help the distressed homeowner retain his home.
But the scheme has caught the attention of the state legislature as some companies and individuals had used it to dupe instead the debt-ridden homeowner. To protect Florida residents, state Sen. Mike Fasano filed a bill requiring more transparency in foreclosure rescue businesses.
Read the rest of the All Headline News story here
Where can I see the actual language of the new proposed law intended to protect distressed homeowners from Foreclosure Fraud??