Tuesday, February 1, 2011

MARS Ruling - New Protections for Homeowners

Recently, there was new legislation regarding companies negotiating loan modifications and/or short sales on behalf of homeowners.  Essentially, there are new disclosures required from the agents or modification companies and the law now says that these companies/agents may not require an up front fee be paid, that the companies can only get paid on a contingency - meaning if they are successful, then their fee becomes due.

This is great legislation for homeowners, and is being referred to within the industry as the MARS ruling. 

ALSO SEE:
Guidelines for servicers/REALTORS from the National Association of REALTORS re: MARS RULING:
 
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