Many Florida homeowners are not aware of a helpful law called the “Foreclosure Rescue Fraud Prevention Act of 2008 (the “Act”).” If you are struggling to pay your mortgage loan and you believe foreclosure is in your future, it is important to understand how this relatively new law protects you.
The Act requires a foreclosure rescue consultant to enter into a written contract with a homeowner before providing any services. It also prohibits them from collecting or taking action to secure payment prior to completing all services agreed upon in the contract.
If you decide to obtain the help of a foreclosure rescue consultant the Act requires:
- The services to be provided by the consultant must be clearly outlined in writing in 12-point upper case font
- You must be provided at least one business day to read the contract prior to executing it
- You have three business days to cancel the agreement without penalty, and this provision cannot be waived by either party
- The date of the contract cannot be earlier than the date the homeowner executes it
- If you cancel the contract, the consultant is required to return any payments received by you within 10 days after receipt of notice of cancellation
- Any notice of cancellation is required to be printed above the signature line in 12-point upper case type
If you are facing foreclosure, you are probably feeling lost. Don’t make matters worse by turning to somebody unqualified to assist you, or worse, a con artist waiting to take advantage of you. Contact Faro & Crowder, PA to discuss your individual circumstances with an experienced foreclosure defense attorney. If you have questions regarding defending a foreclosure action or other ways we can help you, contact us for a free consultation.