NC H1060

Enacts the "Homeowner and Homebuyer Protection Act" to prohibit foreclosure rescue scams and establish protections for land installment contract purchasers.

Prohibits persons other than the transferor from engaging in foreclosure rescue transactions for financial gain, with exceptions for family members, nonprofit organizations, and government agencies; violations are unfair trade practices.

Requires land installment contracts to be in writing with minimum contents including property description, sales price, payment schedule, interest rate, down payment amount, cure rights, property conditions, and purchaser's right to cancel within 14 days.

Mandates vendors maintain unencumbered title to property, hold down payments in escrow, provide annual account statements, give 90-day notice before forfeiture with opportunity to cure, and limits late fees to 4% of past due payments.

Effective October 1, 2009; vendors who violate the chapter are liable for purchaser's attorneys' fees and costs if purchaser prevails in court.