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 [...]
Short Sale + Mortgage Insurance = Problem
May 5, 2011 By Leave a Comment
Mortgage insurance adds another and potentially difficult step to closing out a short sale. Why? Quite simply it adds another approval needed in the short sale approval process. When negotiating with the bank for a short sale it may appear that the assigned negotiator is the person that you are dealing with but only on [...]
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 [...]
Homeowners Hit Brick Wall, Most Owe More Than Home’s Worth
February 9, 2011 By Leave a Comment
Sad but true – the real estate website Zillow.com is reporting that 27% of all homeowners are “upside down” or underwater. Are you upside down in your home? Economist David Blitzer with Standard & Poor’s says, “First of all, you may have somebody who’s underwater, you know, they owe $200,000 on the mortgage and the [...]
Wells Fargo insider spills beans about The Black Hole
January 12, 2011 By 3 Comments
AMAZING! Anyone attempting a loan modification or short sale more than once with Wells Fargo can attest to “The Black Hole”. The following article is from Neil Garfield’s website and is very revealing. Wells Fargo as well as other large banks tend “lose” documents on a regular basis. – The Bank Slayer EDITOR’S COMMENT: LIVINGLIES [...]
