Lawmaker wants to go after third party mortgage scams

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A state senator says Wisconsin should deal with its rising foreclosure rate by going after third-party mortgage scams and enforcing our current laws.

That’s what Sen. Dave Hansen, D-Green Bay, said Thursday, at a roundtable meeting he held in Green Bay with bankers, consumer advocates and others.

The Senate voted earlier this year to prevent third-party mortgage scams, but it died because the Assembly never considered it.

Homeowners who face foreclosure are sometimes offered to sell their homes and rent them back and then the rent gets so high, they leave with nothing.

Hansen says it’s wrong for victims to lose all their home equity and government should do something.

He also wants higher penalties and more enforcement for the current laws that protect mortgage holders.

Mortgage planner Joe Thiesen also mentioned the need for consumers to be better informed.

He says it’s important for people to get the right homes and loans for them because almost nobody benefits when a property goes into foreclosure.

Tags: wisconsin, mortgage, news, scams