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. 

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