S. 117 · 111th Congress
A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for…
Full title
A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KohlSponsor5 cosponsors · 4 D, 1 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Foreclosure Rescue Fraud Act of 2009 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving…
What it does: CRS summary · Introduced in Senate · Jan 6, 2009
Foreclosure Rescue Fraud Act of 2009 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving consideration from a third party in connection with services rendered to a homeowner regarding the foreclosure, unless such consideration is fully, clearly, and conspicuously disclosed before such services are rendered; (4) accepting any security to secure compensation for services rendered regarding foreclosure of the residential real property; or (5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted.
Sets forth contract requirements. Permits a homeowner to cancel such contract without penalty or obligation.
Declares void and unenforceable: (1) any waiver by a homeowner of the protections provided in this Act; and (2) any contract that does not comply with this Act.
Requires a loan servicer to notify a homeowner of the dangers of fraudulent activities associated with foreclosure if the servicer finds that the homeowner has failed to make two consecutive payments on a residential mortgage loan at risk of foreclosure.
Subjects a foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and for attorneys' fees.
Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes.
Latest action (Jan 6, 2009): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S89-92)
Policy area: Housing and Community Development · Origin: Senate · Introduced: Jan 6, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.