- New Hampshire regulates foreclosure consultants under Chapter 479B of its Conveyances and Mortgages of Realty Act. (see http://www.gencourt.state.nh.us/rsa/html/xlviii/479-b/479-bmrg.htm)
- The State:
- Requires that a property owner be in foreclosure before a consultant can enter into a contract for foreclosure consulting services; Requires property owner have a period of time to review the contract before signing; Requires the contract be written in language of negotiation; Requires contract to contain full disclosure of services, compensation and terms; be dated and signed by homeowner in front of a notary; contain disclosures, contact information and notice of right to cancellation on the front page; requires that a detachable notice of cancellation accompany the contract;
- Gives homeowner unconditional right to cancel the contract any time before conclusion of the services when homeowner informs foreclosure consultant in writing;
- Assigns to foreclosure consultants a fiduciary duty to the homeowner
- Prohibits up front fees; security interests to secure compensation; foreclosure consultants to have interest in the property; foreclosure consultants to receive consideration from any interested 3rd party without disclosure of such; take any power of attorney; facilitate any transaction that would violate the homeowners current deed of trust;
- Voids any waiver of rights in any contract Creates a violation of the Consumer Protection Act where the 479 B has been violated Creates a Class A misdemeanor violation for violation of the Act
- Licensed attorneys are exempted from this Act.
Loading... 