New Company in Aurora Illinois Helps People in Foreclosure Walk Away
It's a growing trend, and here in Illinois, the Mortgage Rescue Fraud Act enacted in January 2007 may be fueling the fire. The founders of a new company, Escape the Bank LLC, used to help people in foreclosure stay in their homes. Since the Mortgage Rescue Fraud Act was put into effect, and homes prices plunged, this option is no longer available to struggling homeowners. Now, the only option for people that are upside down may be to walk away.
Aurora, Illinois (PRWEB) April 9, 2008 -- It's a growing trend, and here in Illinois, the Mortgage Rescue Fraud Act enacted in January 2007 may be fueling the fire. The founders of a new company, Escape the Bank LLC, used to help people in foreclosure stay in their homes. Since the Mortgage Rescue Fraud Act was put into effect, and homes prices plunged, this option is no longer available to struggling homeowners. Now, the only option for people that are upside down may be to walk away.
The founders of Escape the Bank LLC previously founded one of the fastest growing companies in America. One of the programs that helped them grow so fast was helping people in foreclosure stay in their homes. They would purchase the persons home, and lease it back to them. They would also give the former owner an option to buy the home back in the future. The state of Illinois passed the "Mortgage Rescue Fraud Act" 117 which intervenes in the free market system. The state decided that they would dictate the terms of the sale of any homeowner that is in foreclosure. Due to the declining real estate market, these terms deter anyone from buying a home in foreclosure and allowing the homeowner to stay. Ironically, this law has done exactly the opposite of what it was designed to do, and that was to "help people in foreclosure".
Escape the Bank LLC is a foreclosure consulting company that provides advice and services to homeowners in foreclosure. Unlike most other services we are not sponsored by banks and our only concern is what is in the best interest of our client, even if that means simply walking away from their mortgage.
If you would like more information on this topic contact Chris Pennington at 630-801-0610.
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