Read the fine print! Although the FTC has agreed to forbear enforcing some provisions of MARS against REALTORS, this doesn’t mean that real estate agents are completely off the hook. What it does mean is that some of the more onerous and ridiculous record-keeping and disclosures requirements will not be pursued as violations…that is unless [...]
TX Assoc of Realtors response to FTC’s MARS rule misses the mark!
April 4, 2011 By Leave a Comment
The FTC’s (Federal Trade Commission) MARS rule (Mortgage Assistance Relief Services) has caused a lot of confusion for licensed real estate agents. In just the past three weeks I (along with attorneys from The Gore Law Firm) have spoken to two of the largest Keller-Williams & RE/Max offices in the Houston area as well at [...]
FTC MARS Rule: Short Sales & Proof of Compliance
February 18, 2011 By 3 Comments
Although the FTC’s claims the new MARS rule is meant to protect homeowners from scammers and incompetents; it also places an enormous number of and frankly burdensome responsibilities on real estate agents/brokers who assist homeowners with short sales or deed in lieu. Penalties run as high as $11,000 a day thus every agent and broker [...]
FTC’s MARS Rule: Short Sales & Promises – Part 3 of 3
February 18, 2011 By 1 Comment
The FTC’s new MARS rule is meant to protect homeowners from scammers and incompetents. Since penalties run as high as $11,000 a day every agent and broker needs to fully understand the risks to their business. In previous posts we addressed the questions of: When does the FTC’s MARS rule apply to real estate agents [...]
FTC’s MARS Rule: Short Sales & Fees – Part 2 of 3
February 17, 2011 By 6 Comments
How does the FTC’s MARS rule affect fees and income from assisting homeowners in a short sale? In other word, how do you get paid for your hard work? In previous posts we addressed the questions of: Ddoes the FTC’s MARS rule apply to real estate agents assisting homeowners in a short sale. The answer [...]
FTC’s MARS Rule: Short Sales & Disclosures – Part 1 of 3
February 17, 2011 By 8 Comments
We have established that brokers/agents assisting homeowners with a short sale do fall under the FTC’s MARS rule: In fact, the new MARS rule applies to all real estate brokers, agents, title officers, etc. who attempt to negotiate, or otherwise provide services, and/or endeavor in efforts related to halting a foreclosure, or obtaining lender or [...]
Does the FTC’s Rule on Mortgage Assistance Relief Services aptly called “MARS” apply to REALTORS?
February 15, 2011 By 3 Comments
The quick answer is yes, REALTORS® as well as anyone else is involved in short sales or other “pre-foreclosure” activities are subject to the MARS Rule. Although the FTC’s MARS Rule took effect on January 31, 2011, most real estate brokers have little or no knowledge regarding the impact on their practice. Why hasn’t someone [...]
FTC’s Mortgage Assistance Relief Services (MARS) – No upfront fees & more
February 15, 2011 By 1 Comment
Homeowners take note! Stop sending your hard earned money to those out-of-state, pretender lawyers or loan mod gurus that claim to get you a loan modification or short sale. Not only are most of these companies scams but now most of them are in violation of the Federal Trade Commission’s (FTC) new Mortgage Assistance Relief [...]
FTC outlaws upfront payments for mortgage modification
December 10, 2010 By 1 Comment
Looks like Loan Mods R Us and other scammers (and even some legitimate companies) will be going bye-bye. FINALLY!! Highlight are: January 31, 2011 – The FTC will be able to proceed against any firm that collects upfront fees without obtaining the required written proposals at no charge from lenders. Litmus test: If a firm [...]
Countrywide Will Pay $108 Million for Overcharging Struggling Homeowners
June 7, 2010 By Leave a Comment
BAC Home Loan Servicing and Countrywide are just plain crooks. While there is nothing wrong with a lender taking control of a situation with an abandoned home (per the powers granted to them in your deed of trust/mortgage that you signed at closing) the rampant mark up of fees and side dealings like this have [...]
