The Real Deal Miami

Florida Passes Foreclosure Fraud Bill

May 02, 2008 10:52AM

Fraudulent offers to save homes from foreclosure will soon face greater penalties after the Florida state Senate passed a bill requiring more transparency for the foreclosure rescue business. Gov. Charlie Crist is expected to sign it. The new law requires rescue companies to provide disclosures in contracts, including the fact that a homeowner may be selling his or her property. The attorney general has received 1,800 complaints about mortgage and foreclosure fraud in recent years, and is investigating four companies.