An Act to Protect Holders of Distressed Mortgages from Fraud
The bill amends Maine law to protect holders of distressed mortgages from fraud by requiring mortgagees to provide written notice to mortgagors of their right to cure a default before initiating foreclosure. The notice must inform the mortgagor of their right to seek assistance from a licensed Maine attorney or a housing counseling agency approved by the United States Department of Housing and Urban Development. The bill also mandates that the notice warn against potential fraudulent actors and emphasizes the importance of seeking help from legitimate sources.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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