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Model State Foreclosure Rescue Fraud Prevention Act (2008)

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Model State Foreclosure Rescue Fraud Prevention Act (2008) sets out standards for when a purported absolute conveyance of title is in fact security for the performance of an obligation and deemed to be an equitable mortgage. All foreclosure rescue transactions (as defined) are equitable mortgages and disclosure must be made on any deed concerning the application of the Foreclosure Rescue Fraud Prevention Act.  The model limits the enforceability of  such a deed and provides rights and remedies for the homeowner to recover title to the property.  Seven unfair foreclosure rescue practices are identified and prohibited. A stay of an action to evict the homeowner is specified.

Related NCLC Treatise:

Home Foreclosures

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