NM Foreclosure Scam - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

NM Foreclosure Scam

New Mexico - An alarming increase in mortgage rescue scams prompts the New Mexico Attorney General to take action.

The new law is in effect today to help prevent companies from making fraudulent promises.

Attorney General Gary King says the increase in the scam is a result of the U.S. housing crisis.

It applies to companies offering protection against foreclosure and requires them to provide a contract disclosing their services and charges.

Violators could face up to a year in prison and or a $10,000 fine.

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