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In February of 2007 the Home Equity Theft Prevention Act (HETPA) passed the New York State Legislature, attempting to stop scam artists from stealing or tapping the equity of victims’ homes. HETPA had two principal areas of concern: the substance of transactions involving persons in distressed circumstances selling their homes and the inadequacy of foreclosure procedures to inform defendants of their rights and remedies. The substantive portion of the statute1 principally allows homeowners at distressed sale conditions to rescind the sale within two years thereafter. The procedural portion of the enactment,2 calls for foreclosure pleadings to have attached to them precisely worded notices setting forth some options the defendant might have.

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