According to New York foreclosure law attorney Scott Lanin, a foreclosure fraud law passed earlier this year in New York has driven many legitimate buyers out of the foreclosure buyers’ market. Says Scott:
I have personally seen investors run scared and leave homeowners in a lurch. Many people want to sell their properties to end a foreclosure and potential buyers are terrified of the 2 year rescission period under the new law.
Scott blames this effect on the “law of unintended consequences.”
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