New Hampshire Gov. Lynch: Help Available for NH Citizens Hoping to Avoid Mortgage Problems

New Law Cracks Down on Mortgage Foreclosure Scams

August 8, 2007 -- CONCORD - New Hampshire Governor John Lynch today highlighted efforts of the state Banking Department to help New Hampshire citizens avoid future mortgage problems and a new law cracking down on mortgage foreclosure scams.

The New Hampshire Banking Association released a report today predicting a continued increase in mortgage foreclosures.

“Too many New Hampshire families are seeing their dreams of home ownership put at risk. We are working to make sure vulnerable families aren’t exploited further with a new law that cracks down on mortgage foreclosure scams and with new resources to help families avoid risky mortgages,” Gov. Lynch said.

New Hampshire’s Banking Department is conducting information sessions across the state to help consumers avoid risky mortgages. At the sessions, the department’s examiners review loan documents with borrowers and potential borrowers to check for improper activities by mortgage originators and provide consumers with referrals for further assistance. Informational sessions have been conducted in Rochester and Keene, and will continue in Nashua, Manchester, Salem, Portsmouth, Berlin, Lancaster, Lebanon, Claremont, Concord. The next session is scheduled for Nashua on Monday, Aug. 13, at 2 p.m. at Nashua City Hall. For more information about these sessions or questions about your mortgage, call the New Hampshire Banking Department at 271-3561, or toll free at 1-800-437-5991.

In addition, Gov. Lynch recently signed House Bill 365 into law, which aims to better protect borrowers from foreclosure rescue scams.

“When facing the prospect of foreclosure, many people, understandably, would do anything they can to stay in their homes. Unfortunately, there are those who prey on the desperation of families struggling to keep their homes,” Gov. Lynch said. “As the number of mortgage foreclosures rise, more and more people may find themselves targets of these scams. With this law, we are acting to prevent these predators from taking advantage of New Hampshire families who are in a financial crisis.”

This new law aims to protect homeowners from losing their homes - and the valuable equity they have built into their homes - to foreclosure rescue scams. It imposes new standards on pre-foreclosure sales, requires greater disclosure from foreclosure consulting companies and it creates stiff penalties for those who take advantage of homeowners. The penalties include fines, jail time and repayment of equity to the homeowner.

Source: New Hampshire Governor

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