Please beware of numerous companies and individuals offering doubtful foreclosure rescue help. It is important to consult a licensed Illinois attorney to determine your foreclosure options and validity of alternatives offered by such third party “assistants.” Many of those alternatives may be in violations of numerous laws, including the Illinois Mortgage Rescue Fraud Act. The purpose of the Act is to protect persons who are at risk of losing their homes because of foreclosure or non-payment of property taxes. The Act imposes numerous requirements on “Distressed Property Consultants” and “Distressed Property Purchasers.” The Act also provides for civil and criminal penalties for any party who violates the Act.
“All too often, Distressed Property Consultants offer very little help to a homeowner in foreclosure, and an attorney or reputable non-profit housing counselor can provide better and more economical services,” said Richard A. Devine, Cook County State’s Attorney at the time. “The option to repurchase the home offered by many Distressed Property Purchasers is deceptive, because most persons who agree to a sale with an option to purchase and leaseback will lose their homes and pay exorbitant fees for an option that they will never be able to exercise.”
If you believe that you have been the victim of Mortgage Rescue Fraud, please contact the Cook County State’s Attorney’s Office, Consumer Fraud Division.
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